As global markets plummeted on the back of domestic and global debt woes, U.S. President Barack Obama gave a televised address Monday to calm markets.

“The fact is, we didn’t need a credit agency to tell us we need a balanced, long-term approach to deficit reduction.”

Speaking at the White House on Standard & Poor's downgrade of U.S. debt, Obama called on Congress to help struggling American workers, saying he hoped the rating would provide lawmakers with a “sense of urgency.”

Despite the downgrade, Obama says the U.S. economy remains strong.

“I know we’re going through a tough time right now, we’ve been going through a tough time for the last two-and-a-half years. I know a lot of people are worried about the future. ... But this is the United States of America. No matter what some agency may say, we’ve always been, and always will be, a triple-A country.”

Saying no one embodied the spirit of America like the men and women of the armed forces, Obama also offered his condolences to the families of the 30 American troops killed in a helicopter crash in Afghanistan, including 22 Navy SEALs.

“I know that our troops will continue our hard work in Afghanistan. ... We will press on, and we will succeed,” Obama said.