Obama Says U.S. Is Still A AAA Country

http://news.yahoo.com/obama-says-u-still-aaa-country-181251176.html

WASHINGTON (Reuters) - President Barack Obama on Monday blamed a downgrade in the United States' credit rating on political gridlock in Washington and said he would offer some recommendations on how to reduce federal deficits.

As Obama spoke, stock markets were registering another steep decline, dropping more than 450 points in afternoon trading.

Obama called on Congress to extend a payroll tax cut and unemployment benefits, saying if this is not soon it will lead to 1 million fewer jobs and less economic growth.