[U.S. President speaks on the occasion of a credit rating downgrade by Standard & Poor's].

President Barack Obama speaks about the U.S. economy on the occasion of a credit rating downgrade of the U.S. Government by the Standard & Poor rating house. He continues his call for a long-term deficit deal that would include new tax revenue and modifications to Medicare and Social Security programs. He suggests that further cuts to other government programs would be very difficult to achieve. The President assures Americans that, "we will always be a triple-A country." He praises the perseverance of the American people to withstand tough economic times. Obama also speaks about the August 6, 2011 helicopter crash in Afghanistan that killed 38 people, including 31 members of a Special Forces Navy SEAL team.

Recorded at the White House, Aug. 8, 2011.