Red arrows ruled the day on Wall Street, this as more bad news comes from Standard & Poor's.  It has downgraded the credit ratings of Fannie Mae & Freddie Mac.  Even President Obama trying to reassure investors isn't stemming the selling.

FOX News Radio's Jeff Monosso kept of it all from outside the New York Stock Exchange:

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The Dow Jones had its 6th biggest point drop Monday, down 634 points to close below the 11,000-mark.

President Obama addressed the economic situation Monday afternoon from the White House, dismissing the downgrade of the U.S. credit rating, but also calling for new cooperation to fix the deficit mess.

FOX News Radio's Rich Johnson has details from Washington...

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Listen HERE to highlights from his comments:

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House Speaker John Boehner released the following statement on the deficit and downgrade:

"I agree with the President that we did not need a ratings agency to tell us America is facing a debt crisis. Uncontrolled spending over decades - by both parties - has created an environment of economic uncertainty that is destroying jobs. And just as both parties contributed to our unsustainable debt, both parties must work now to cut spending.  Republicans have demonstrated this problem can be solved without job-destroying tax hikes. We passed a budget that would spend $6.2 trillion less than the President's proposal; we passed a Cut, Cap, and Balance plan that would save trillions of dollars; and, with the Budget Control Act, we passed a meaningful down payment on deficit reduction - all without tax increases. But difficult work remains, and over the next few months members of the Joint Select Committee will need to make tough choices to rein in the mandatory and entitlement spending that is driving our long-term debt. It is welcome news that the President will contribute to this process by laying out specific reforms he supports. 

"As we are reminded today, this challenge is ultimately about jobs and our economy. Providing economic certainty and creating an environment in which businesses can invest and jobs can flourish must remain our number-one focus. That's why raising taxes is simply the wrong approach. I look forward to working with leaders of both parties to reduce spending, boost confidence, and give American small businesses the stability they need to create jobs."