Source: Obama to offer reassurance on economy
August 8th, 2011
12:18 PM ET

Source: Obama to offer reassurance on economy

President Barack Obama will make a statement to reporters Monday about the downgrade of the U.S. credit rating and the loss of U.S. service members, including 22 Navy SEALs, killed in Afghanistan over the weekend, a White House official said.

The comments are scheduled for 1 p.m. ET at the White House.

According to the White House official, Obama will offer a reassuring assessment of the economic situation, citing reasons for confidence in the U.S. economy despite the decision last week by Standard & Poor's to downgrade the U.S. credit rating for the first time in history.

In addition, Obama will call again on the special congressional fiscal committee to be set up under the recent debt ceiling deal to take a "balanced" approach to deficit reduction that he has been advocating, the official said.

Obama has called for a comprehensive agreement that would cut spending, reform entitlement programs and increase tax revenue. Republicans oppose any kind of tax increase, and many reject increased tax revenue even if the tax rates remain the same or are lowered.

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Filed under: Barack Obama • Politics
soundoff (84 Responses)
  1. Nero

    Nothing to worry about everyone.. Ignore the flames and smoke.. Now where is Jill Biden? I need to play a game of HORSE.

    August 8, 2011 at 12:23 pm | Report abuse |

    NOTHING to see here... move along... nothing to see here...

    August 8, 2011 at 12:26 pm | Report abuse |
  3. Nero


    August 8, 2011 at 12:27 pm | Report abuse |
  4. Lentenlands

    It really should be called the S&P's Marxist-Progressive-Leftist-Liberal-Democrat-Obama Downgrade Of America.

    Collapsing the economy, creating anarchy and starting a civil war has always been the goal of the marxists plotting to destroy the American Dream and marxist Barry Obama is no exception. Obama’s marxist college professors, Cloward and Piven, were quite forthright in their efforts to formulate a method to collapse the economy to destroy America and usher in a marxist tyranny of slavery and death.

    "The strategy of forcing political change through orchestrated crisis, the "Cloward-Piven Strategy" seeks to hasten the fall of capitalism by overloading the government bureaucracy with a flood of impossible demands, thus pushing society into crisis and economic collapse."

    Our Manchurian President is simply a treasonous usurper partying, vacationing and golfing as his marxist plan of destruction unfolds. Obama and his pals are TERRORISTS destroying YOUR Nation and future.

    It’s time to wake up America and do something about it!

    August 8, 2011 at 12:31 pm | Report abuse |
    • Gee

      @Lentenlands: The first ones to suffer will be the greedy and egocentric people who collapse the system. Many americans own guns and will be huntin' rick folk for payback. It is in their best interest to keep things afloat.

      August 8, 2011 at 12:36 pm | Report abuse |
  5. Officer Barbrady


    August 8, 2011 at 12:33 pm | Report abuse |
  6. Phantom II

    Did CNN black out some comments, or were the black squares achieved by posters?
    Obama has to attempt a Churchill-like statement. That's his job.
    But he can say little that won't be BS right now.
    Whatever he's doing in office, what will be done by Republicans will be worse, with the Tea Party as their rudder.

    August 8, 2011 at 12:41 pm | Report abuse |
    • Zohan

      @Phantom II: Those black squares are you tube videos that you probably can't see if you're on an cell phone. My Droid plays them, but blackberry or apple have problems playing them because they are ripoffs.

      August 8, 2011 at 12:58 pm | Report abuse |
  7. banasy

    What a sight that would be!
    "Be vewy vewy quiet, I'm hunting _______."

    August 8, 2011 at 12:41 pm | Report abuse |
  8. Gay Seals

    There is nothing to explain. We are in deep sh!t and its all because of him. Seals got killed because the pilot was gay and wanted a missile up his ass.

    August 8, 2011 at 12:43 pm | Report abuse |
  9. Gay Seals

    These "Seals" or Mermaids as they call themselves now are the best blo/job givers in the military.

    August 8, 2011 at 12:45 pm | Report abuse |
  10. Gay Seals

    New training involves sukin your enemy. Now they get free hair grooming before combat. Also lipstick and nail polish, free.

    August 8, 2011 at 12:48 pm | Report abuse |
  11. False Prophet

    Look at the picture everyone! He has a halo.. Lol Great work camera guy puppet.. He is no king.. He is no prince.. He is a scared little child. Bush for all his failures never took himself this seriously. Can't we find one good candidate that isn't a moron or a megalomaniac? Please God..

    August 8, 2011 at 12:52 pm | Report abuse |
    • Canadian Genius

      I was thinking the same thing about the picture. Or maybe he's just drying his hair with a giant light bulb.

      August 8, 2011 at 2:10 pm | Report abuse |
  12. Zohan

    @Phantom: So what's your idea to fix everything? Tell us oh wise one.. This isn't about math or budgets.. It's about ethics and there is very little left in this world. No party, or religion has saved us yet.. Time for new ideas.

    August 8, 2011 at 1:02 pm | Report abuse |
  13. gee

    @banasy: Yeah the rich are screwed.. There will be nobody to do all the work for them anymore. Lol The rest of us are used to roughing it and will thrive. Maybe we can make the rich folk our servants?

    August 8, 2011 at 1:04 pm | Report abuse |
    • mikey

      The rich are what is putting food on your table, idiot. They are the ones that create the jobs. You are probaby one of the millions who live off the government....don't work, sit on your butt all day and use your government subsidies to buy cigarettes and beer.

      August 8, 2011 at 1:07 pm | Report abuse |
  14. mikey

    Obama has brought us right where he intended to take us. He wants to destroy America as we know it and he is doing a great job.

    August 8, 2011 at 1:04 pm | Report abuse |
  15. Ron

    The media acts like chicken little. Interest rates they reported not that long ago that they are at historic lows. Now they make it sound like the interest rates going up are a disaster. They are going up to where they have been in the past and we lived well with that. Nobody can see the positives to the wake up calls we are getting.

    August 8, 2011 at 1:15 pm | Report abuse |
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