Obama to speak on economy in wake of downgrade - KPTV - FOX 12

Obama to speak on economy in wake of downgrade

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WASHINGTON (AP) -

President Barack Obama plans to deliver a statement about the economy as the nation grapples with the first downgrade of U.S. debt in the country's history.

Obama will speak at 10:30 a.m. from the White House.

WATCH LIVE: FOX 12's coverage of Obama's speech

Standard and Poor's on Friday said it was downgrading U.S. debt because the rating agency lacks confidence that political leaders will make the choices needed to avert a long-term fiscal crisis.
Congress and Obama recently struck a deal to avoid a government default and to cut the deficit, although the deal was not as broad as the president wanted.

(Copyright 2011 by The Associated Press.  All Rights Reserved.)

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