Obama calls for political will to deal with economic challenges
August 8th, 2011
02:08 PM ET
7 years ago

Obama calls for political will to deal with economic challenges

Washington (CNN) - President Barack Obama called Monday for political will from both parties to fix what he described as the country's "imminently solvable" economic problems in the wake of last week's downgrade of its credit rating by Standard & Poor's.

In remarks to reporters that were added to his daily schedule, Obama noted the downgrade from AAA to AA+ announced Friday occurred because "they doubted our political system's ability to act" following the grueling negotiations with congressional leaders that preceded last week's agreement on a debt ceiling increase.


Filed under: Economy • President Obama
soundoff (24 Responses)
  1. ConservaFASCISTS/ConservaTERRORISTS

    This decline in the market coud have been avoided if Congress didn't wait to the last minute to pass a deal. I soleley blame the teahadist in the House, but this just goes to show how broken Washington is.

    August 8, 2011 02:17 pm at 2:17 pm |
  2. Sylvia Saint

    You can always tell who the pro-Republican pundits and commentators are. Last week, Chris Matthews had CNBC's Maria Bartiromo on the day the dow dropped 500 points. Rather than attribute the cause where it belongs, this chick tried to play the drop off on Europe instead of the debt ceiling debacle at the hands of the Tea Party republicans. I wonder what dodge she'll come up with for the GOP today.

    These obstinent,"flat earth" republicans – – you know the ones that said August 2nd wasn't a "REAL DATE" or that we wouldn't face a financial crisis if we didn't pay our bills – – are a danger to the economy. If Ms. Bartiromo can't call it like it is, her party affiliations aside, replace her.

    August 8, 2011 02:22 pm at 2:22 pm |
  3. Shirley In California

    "imminently solvable." Please. As a supporter I ask – what part of they hate you – do you not understand? I'm sick of words and would like some ACTION on YOUR part.

    Thank you.

    August 8, 2011 02:22 pm at 2:22 pm |
  4. WiredwierdinSF

    They are not solvable as long as he and the Democrat liberals remain in office. Remember the "Great Society" liberal program that was supposed to end poverty and raise educatilon levels by throwing more taxpayer money at the problem,. $3 trillion dollars? It was an utter failure and indeed has made things much worse. Obozocare, the same thing, TARP i AND ii the same thing. Democrat liberals should learn they just can't give trillions of dollars to corrupt union bosses and expect anything but a kickback to get themselves reelected. Oh maybe they did learn that well, but they instead blame the rich (that group being anyone who saves for retirement and assumes personal responsibility for their lives), the Republicans, the TEA Party, and not the folks who can't get jobs becasue the money went to the corrupt NEA and their students can't pass drug tests, the corrupt union bosses, the lazy oxygen thieving people they employ to steal elections like ACORN.

    August 8, 2011 02:24 pm at 2:24 pm |
  5. The Day of Financial Reckoning is HERE - The Great Democrat Welfare Society Ends

    The only reassurance we need for Obama is in the form of a resignation or refusal to seek a second term. THAT is the ONLY thing that will turn this country around. if you decide to stay in office or seek another term, you will suffer a humiliating defeat, along with most of your party. How ironic, the "One", the Messiah, may end up being the primary factor in the demise of the Democrat party.

    August 8, 2011 02:26 pm at 2:26 pm |
  6. John PA

    The teleprompter president and his amateur hour administration have no real improvements for the American people. It's time for Obama and the tax evading appointee Timothy Geithner to RESIGN!

    August 8, 2011 02:30 pm at 2:30 pm |
  7. Gale

    Like anyone should be listening to him now or ever. I'm sure he is blaming this all on President Bush, or the Tea Party. Never on Harry Reid, Nancy Pelosi, himself, or the entire Democratic Party. They wouldn't compromise with the Republican Party, they didn't not want any cuts, just tax raises and debt ceiling hikes so they could keep speeding their way to Hades. Maybe ole Barney needs a new airport in his home town, or Nancy needs to visit her family on Air Force One, or Obama needs to send Haiti or Africa a couple of billion more!

    August 8, 2011 02:31 pm at 2:31 pm |
  8. Frank - Ohio

    Where has President Obama been? If he no longer wants to lead this country through these difficult times, he should step aside. We can't afford an absent President.

    August 8, 2011 02:32 pm at 2:32 pm |
  9. Four and The Door

    President Barack Obama presented a reassuring assessment of the U.S. economic situation Monday, calling the country's problems "imminently solvable."
    I agree with him and I've got 6 words to say how. Paul Ryan's Path to Prosperity Plan.

    August 8, 2011 02:36 pm at 2:36 pm |
  10. Marry

    Very well said, Sir! Thank you. But do you really think the GOP/TP is willing to work for the common good? I am sorry, but they do have a different agenda. However, we will support you because you work for 98% of the people – not only for the interests of 2% as the GOP/TP does.

    August 8, 2011 02:38 pm at 2:38 pm |
  11. John PA

    Obama opens his mouth and the stock market tanks even faster, loss over 600! When will someone tell Obama to keep his mouth shut, Stick a stick cork in his mouth! The only words America wants to here from Obama is: I RESIGN effective immediately.

    August 8, 2011 02:40 pm at 2:40 pm |
  12. gt

    sorry but still want us out of afganistan ,.. and the responce ... was not much of a rah rah lets all get going,, kind of flat..

    August 8, 2011 02:44 pm at 2:44 pm |
  13. Get A Grip

    Guess Obama had to read his lies off his teleprompter once again before heading out on that family vacation on Martha's Vineyard.

    Now the Demorats are blaming the Tea Party when they should be blaming themselves. Guess blaming Bush no longer works for them so they move onto blaming other Americans.

    Obama speaks and the stocks fall further. Anything this guy does or says is a complete failure.

    August 8, 2011 02:46 pm at 2:46 pm |
  14. diridi

    Takes time for the Blow of Republican thugs rule.....it took thirty years to get to this nasty position...o.k, It is not overnight's mess....it is piled up mess by GOP idiots....true, true, true....

    August 8, 2011 02:51 pm at 2:51 pm |
  15. B

    I just listened to the President’s talk about our greatness and "we will get through this Just Fine" BLA,BLA,BLA again and again !

    When is he going to call back that worthless Congress from their 5 week Undeserved Break while we watch Rome burn ?

    They put 70 thousand people out of work on FAA projects and skip town ! I get the feeling that no-one is flying the plane.

    When is the President going to show us something that is more than Platitudes and do something at a different level?

    I voted for the guy, but God why doesn’t he show some brass and with it, some leadership ?

    More like Jimmy Carter..

    August 8, 2011 02:52 pm at 2:52 pm |
  16. FM

    This downgrading of S&P really make me laugh. How come China which holds the huge US debts is not in the AAA list either!

    August 8, 2011 02:55 pm at 2:55 pm |
  17. Tea Party Mike

    Our nation is in serious trouble.
    Both parties have a part in the blame for the debt and deficits . Both parties are equally guilty of the gridlock climate in Washington. Obama and the Democrats blame Republicans and the Tea Party for everything. Republicans blame Obama and the Democrats for everything. Democrats will not touch the biggest drivers of the debt, Social Security and Medicare and won't cut spending unless you hold the debt ceiling over their head. Republicans won't raise taxes.
    We need solutions. It is said Obama and Boehner were close to a deal that included 800 billion in increased revenue through tax reform and Obama had agreed to changes to Medicare and Social Security. Democrats were furious with Obama for compromising on Medicare and Social Security and the deal blew up when Obama asked for 400 billion more than the already agreed on 800 billion in revenue increase. I think we need to return to this deal for the final solution.
    Out side of the Boehner/Obama deal that fell through, the only bills that have been written and passed that would have reduced the deficits enough to avoid a downgrade were Republican bills. They were killed by the Democrats in the Senate and Obama said he would veto them if passed.
    In the close to 3 years since Obama became President, Democrats have not even tried to pass a bill that would have satisfied the S & P. Democrats only agreed to cut any spending at all to avoid a default. They really wanted a clean debt ceiling bill with no deficit reduction. The last budget the Democrats had the guts to pass was scored by the CBO with nearly a trillion dollar annual deficits for the next 10 years. This was the final spark that set of the Tea Party. Democrats have not passed a budget since because they want to hid from the public that it would be no better than the last one they passed. Democrats have called for tax increases, but the tax increases they have asked for amount to less then 1 trillion over the next 10 years. A lot of money, but not even close to enough to have avoided the S & P down grade.
    All Americans should be thanking the Tea Party for FORCING congress and Obama to actually begin deficit reduction.
    So far only Republicans have actually put forward detailed plans that would actually solve the problem. These plans are not supported by Democrats. Time the Democrats to actually come up with a detailed solution of their own. Once the Democrats have a plan, the two parties could work on a compromise. Perhaps one similar to the Boehner/Obama one that close to a deal. The truth is I do not think there is any plan the Democrats can stomach. They really want to increase spending and government and don't care about the deficits. This whole deficit reduction thing gets in the way of all the new government they want to create. I hope I am wrong on that point. If Democrats would really support a deal similar to what Boehner and Obama were close on, this problem could actually get solved.

    August 8, 2011 02:58 pm at 2:58 pm |
  18. A real American

    One of the reasons gov't is so expensive is that they farm so many functions out to the for-profit private sector. Look at what's going on with military housing right now and follow the story for the next couple of years and you will see how privatization plays out. Oh, yeah, and look at who gets rich from it. It's already happening with prisons, public housing, education, war, etc. Contractors are always more expensive than public employees.

    August 8, 2011 03:00 pm at 3:00 pm |
  19. stevegee

    Is America better off than we were two and a half years ago? NObama.

    Vote Republican in 2012.

    August 8, 2011 03:00 pm at 3:00 pm |
  20. A real American

    Oh, yeah, I almost forgot the biggie: HMOs.

    August 8, 2011 03:00 pm at 3:00 pm |
  21. Joe

    the only thing that obama can do to reasure the American Public is Resign!!!!!

    August 8, 2011 03:04 pm at 3:04 pm |
  22. Anonymous

    Why do we not get out of Afghanistan and Iraq? We could save enough to handle our deficit. It seems to me, that we are the policeman of the world and to hell with our own people! Cut the Defense Department more!

    August 8, 2011 03:12 pm at 3:12 pm |
  23. Limbaugh is a liberal

    Thank you Tea Party for the manufactured, unnecessary crisis that just plunged us into yet another recession.
    BTW, now you owe my parents their retirement savings that you obliterated with your vile politics!
    Thank you, very much...

    August 8, 2011 03:15 pm at 3:15 pm |
  24. The Greedy Old Pigs have lost their minds!

    Cue the GOBPbaggin' teatards and cult members in 3....2....1....

    August 8, 2011 03:33 pm at 3:33 pm |