Us president Barack Obama blames the recent downgrade in United States' credit rating on political gridlock in Washington. Obama's statement comes as stock markets continue a steep slide. In an attempt to stem a fresh tide of selling on global markets on Monday, Obama said America's loss of its prized AAA rating should provide a 'new sense of urgency' for Washington to tackle its chronic debt problem. The president called for an extension of tax cuts to boost the world's biggest economy!
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