WASHINGTON (AFP) ? US President Barack Obama was Monday due to make his first public remarks on the economy since Standard and Poor's sparked market turmoil by downgrading America's top notch credit rating.
The president will also address the crash of a US helicopter which killed 30 American troops, including Navy SEAL special forces, in the deadliest such incident of the Afghan war, a White House official said.
Obama's comments were originally scheduled for 1:00 pm (1800 GMT) but the White House delayed the appearance for half an hour, without explanation.
His appearance will come as global stock markets plunge on reaction to the downgrade of US debt from AAA to AA+, fears about the European debt crisis and general anxiety over global economic prospects.
The statement also follows a weekend of fierce debate unleashed by the ratings downgrade, which served to underline the political squabbling that Standard and Poor's said was casting a dark cloud over US economic prospects.
It also coincides with rising scrutiny of Obama's own political prospects as he begins to campaign for a second term ahead of November 2012 elections, facing stiff economic headwinds which have driven down his own approval ratings.
Obama's Republican foes have seized on the S&P downgrade as evidence of a lack of leadership and a paucity of ideas for reviving the stagnant recovery.
The Obama administration furiously opposed the S&P downgrade, saying the agency had made analytical errors and misinterpreted the political scene in Washington.
"I think S&P has shown really terrible judgment and they've handled themselves poorly, and they have shown a stunning lack of knowledge about basic US fiscal budget math, and I think they came to exactly the wrong conclusion," Treasury Secretary Timothy Geithner told NBC News and CNBC.
The White House issued a written statement on the debt downgrade while Obama stayed out of sight Camp David presidential retreat at the weekend, claiming the moral and political high ground and calling for a reality check among Washington's warring factions.
"The president believes it is important that our elected leaders come together to strengthen our economy and put our nation on a stronger fiscal footing," White House spokesman Jay Carney said.
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