President Obama Deflects Blame for US Credit Downgrade

After a weekend of silence, President Obama addressed the S&P downgrade and the economy this afternoon from a White House dining room. He said that the US didn't need a rating agency's downgrade to know we need a "balanced, long-term approach to deficit reduction" and an end to gridlock in Washington. He also expressed his sorrow over the loss of 38 US and Afghan soldiers who died when a Chinook helicopter was shot down this weekend in Afghanistan. Ian Katz reports for Bloomberg News.