US credit rating downgrade, market turmoil: Obama meets his top economy team

US President Barack Obama met his top economy team including the Federal Reserve Board Chairman Ben Bernanke and Treasury Secretary Timothy Geithner to discuss with them the fallout of the downgrading of America's credit rating from AAA to AA+ .

"The President and the Chairman discussed the outlook for the recovery and for jobs as well as fiscal issues, including the need to tackle long-term deficit reduction," the White House said in a statement.

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The National Economy Council Chairman Gene Sperling and Obama's Chief of Staff, William Daley, were also present during the meeting.

"They also discussed the situation in Europe. This was the third time the President met with the Chairman this year," the White House said.