President Obama to speak to nation about economy - WDRB 41 Louisville News

President Obama to speak to nation about economy at 1:30 p.m.

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UPDATE: The address has been delayed until 1:30 p.m. Click PLAY on the live player above to watch LIVE.

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 1 p.m. EDT from the White House.

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.

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