President Obama made a statement this afternoon on Friday's announcement of Standard and Poor's downgrade of U.S. debt.
Saying financial markets around the world "still believe our credit is triple-A. I and the world's investor's agree," the President discussed the need for further deficit reduction in the form of spending cuts and tax reform. Mr. Obama said he hoped the downgrade by S&P would lend a greater sense of urgency to solving the nation's debt problems.
Meanwhile S&P today downgraded the credit ratings of Fannie Mae and Freddie Mac and other agencies linked to long-term U.S. debt.
The Dow dropped 500 points at one point this afternoon, dipping below 11,000 for the first time since November of last year.
Both the White House and Congress have been focusing on job creation since the debt ceiling compromise passed. This week, Washington Journal is looking at employment in the U.S., as the President and Congress discuss their varying plans for putting Americans back to work.
The White House announced recently that President Obama will head out on a bus tour through the Midwest focusing on job creation during the week of August 15th.
And the President said last week that the White House is proposing legislation that would give tax credits to companies that hire returning veterans and that the goal is to hire and train 100,000 veterans and their spouses so they can enter private sector jobs by 2013.
On Friday, the Bureau of Labor Statistics (BLS) reported that 117,000 jobs were created last month, decreasing the unemployment rate from 9.2% to 9.1%. Private sector jobs were up 154,000, and the government shed about 37,000 positions.
The topics for this week's Washington Journal shows:
Today we looked at the Labor Department and its Workforce Training Programs.
Tuesday- we'll focus on technical education and the workforce
Wednesday - the partnership between government and the private sector
Thursday- an assessment of key federal jobs programs
Friday- women in the workforce