The Hill: Obama says serious deficit plan needed in wake of S&P downgrade

The move by ratings agency Standard & Poor's to downgrade U.S. debt underscores the need for a major agreement on deficit reduction, President Obama said Monday. ∴ The president said that U.S. debt was still world-class in the eyes of market despite S&P's downward revision ˜ from AAA to AA+ ˜ on Friday, but said it was up to the so-called "supercommittee" established by compromise debt-ceiling legislation to produce an agreement that would forestall a future slide in U.S. creditworthiness. Read more at The Hill...

UPDATE: The Hill - Dow plunges below 11,000 as downgrade fuels market turmoil