Markets Tumble Worldwide, Obama Reacts To S&P Downgrade

With every major stock index in Europe and the U.S. down at midday, President Obama went on air Monday to assure the world that financial markets around the world "still believe our credit is triple-A, and the world's investors agree."

The president was referring to the fact that as investors fled stock markets, they were eagerly buying up U.S. debt bonds, despite the downgrade by the credit rating agency Standard & Poor's.

"We didn't need a rating agency to tell us we need a balanced, long-term approach to deficit reduction," Obama said and said he would soon outline priorities for the bipartisan congressional committee looking for a debt reduction plan.