President Barack Obama offered a reassuring assessment of the U.S. economic situation today, calling the country's problems "imminently solvable" despite Standard & Poor's downgrade of its credit rating.

The downgrade from AAA to AA+ announced last week occurred because Standard & Poor's doubted our political system's ability to act, the President said.

The President continued...

"To address the problem, the nation needs to tackle its budget deficits over the long term, saying that he will be presenting his ideas for how to proceed in coming weeks as a special congressional committee set up under the debt ceiling agreement begins work."

(From CNN)