President Obama Urges Both Dems And GOP To Compromise, Avoid Credit Downgrade
In a speech delivered just earlier today President Obama warned that without serious compromise by both Democrats and Republicans, the U.S. will lose its top-credit rating it if falls into a credit default. It was the second debt-crisis related speech that Obama has delivered today, and comes the day after the House GOP failed to pass a balanced budget bill because of lack of support from representatives viewed as sympathetic to the Tea Party movement.
The president pointed out that the possibility of a downgrade are not great developments for either party, though some are suggesting that even if a temporary or long-term bill gets passed, the credit rating could still be downgraded.
Watch the President’s speech below, courtesy of CNN:
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