Obama blames political fight for credit downgrade

Washington - As President Barack Obama spoke on the psychologically crippling action of Standard & Poor's Credit Rating Agency in downgrading the U.S. benchmark security, the Treasury Bond, from AAA to AA+, the market slipped even further.

Stocks followed such blue chip securities as Bank of America and Alcoa to a slide below the 11,000 mark on the Dow-Jones Industrial Average. The NASDAQ and S&P indexes were both off the pace by 5 percent.

The President said the credit rating agency cut the reliability of America's credit rating because the executives of the organization "doubted our political system's ability to react." He blamed an extended, month-long wrangle between Democrats, Republicans and Tea Party activist Representatives in arriving at a debt ceiling deal.