Speaking against a backdrop of tumbling global stock markets, Obama said he would present his own solutions for mending US debt woes in the "coming weeks" but again called on Republicans to accept tax hikes on the wealthy.
The president was making his first public comments on the first-ever decision by ratings agency Standard & Poor's on Friday to downgrade the AAA credit rating on US sovereign debt to AA+ with a negative outlook. "No matter what some agency may say, we have always been and always will be a triple-A country," Obama said.
The president said the solution to US deficit woes was a mixture of tax rises on the most affluent Americans and modest cuts to state-run health programs plagued by rising costs, like Medicare for the elderly. Republicans refuse to countenance any kind of tax rises and Obama's Democratic allies have balked at any cuts to Medicare or other aspects of the American social safety net.
"It's not a lack of plans or policies that is the problem here. It's a lack of political will in Washington," Obama said, billing a congressional committee set up under the debt ceiling deal as a way out of the crisis.
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