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.FULL STORY