GOP candidates slam Obama after downgrade
August 6th, 2011
09:06 AM ET
7 years ago

GOP candidates slam Obama after downgrade

Washington (CNN) – Republican presidential candidates issued harsh criticism of President Barack Obama Friday after the credit rating agency Standard and Poor’s announced it was downgrading America’s long-term debt status.

“America’s creditworthiness just became the latest casualty in President Obama’s failed record of leadership on the economy,” Former Massachusetts Gov. Mitt Romney said in a statement. “Standard & Poor’s rating downgrade is a deeply troubling indicator of our country’s decline under President Obama. His failed policies have led to high unemployment, skyrocketing deficits, and now, the unprecedented loss of our nation’s prized AAA credit rating.”

The Obama administration cites a calculation error by Standard and Poor’s for the downgrade, saying the firm was off by $2 trillion dollars in their calculation of America’s debt. The agency says that it based its downgrade partially on the country’s charged political climate.

Rep. Michele Bachmann echoed Romney in her statement, saying the downgrade reflects the president’s “failed economic policies.”

“This president has destroyed the credit rating of the United States,” Bachmann said.

Bachmann continued, “I call on the president to seek the immediate resignation of Treasury Secretary Timothy Geithner and to submit a plan with a list of cuts to balance the budget this year, turn our economy around and put Americans back to work."

Former Ambassador to China Jon Huntsman said the downgrade was a sign that Washington needed new leadership.

“We need new leadership in Washington committed to fiscal responsibility, a balanced budget, and job-friendly policies to get America working again,” Huntsman said.

Former Pennsylvania Senator Rick Santorum slammed the Obama administration for not taking more responsibility for America’s economic woes.

“I understand the U.S. Treasury is going back to Standard and Poor’s to say that a two trillion dollar mathematical error by S&P contributed to the downgrade,” Santorum said in a statement. “So, in addition to blaming President Bush for all of its problems, now the White House is blaming S&P – but this happened on the President's watch – and he has to deal with it.”

Filed under: 2012 • Economy • Jon Huntsman • Michele Bachmann • Mitt Romney • Rick Santorum
soundoff (475 Responses)
  1. bob in florida

    Still no adults to be found in the GOP

    August 6, 2011 09:12 am at 9:12 am |
  2. Tom

    The Tea Baggers held this country hostage. The president and Boehner were an inch away from a Grand Deal that would have reduced spending 4 trillion and brought some tax increase to the rich, but the tea baggers would not go for it. They want to fix everything immediatly and it cannot be done. When will we learn that radical change very seldom works?

    August 6, 2011 09:12 am at 9:12 am |
  3. RJWTimes Bradford England

    Well, they can talk, we wouldn't be in this mess if they hadn't have drawn attention to the debt.

    August 6, 2011 09:12 am at 9:12 am |
  4. Bradley

    Typical that the GOP field has nothing positive to say, especially with regards to a mess that they themselves helped to create. Ain't it funny how they think they know all the answers, yet never actually do anything besides chastize the President and his staff?

    If anybody, it's themselves that should be kicked outta office (yeah, I'm lookin' at you, Shelly!)

    August 6, 2011 09:13 am at 9:13 am |
  5. DavePrice

    GOP just lie, its all they do, besides wrecking America before and now they are doing it again.. This time they are singing in chorus to every woe that hits the country, " Obama did it! "
    Make the lie big, make it simple, keep saying it, and eventually they will believe it. Adolf Hitler

    Fascism should rightly be called Corporatism, as it is the merger of corporate and government power. Benito Mussolini

    August 6, 2011 09:16 am at 9:16 am |
  6. Marie MD

    I am amazed as to how these clowns (R) can blame the president when the flake herself voted to raise the debt ceiling and the teabaggers were the ones who blackmaiked and held the country hostage for eight months!
    I call on congress to immediateky fire the MN flake! She has a job to fall back on oraying away the gay at big marcus' cult clinic.
    Where were all of you when the shrub was spending moneyn we didn't have on two very costly wars!

    August 6, 2011 09:17 am at 9:17 am |
  7. L4Legend

    So they slam the president when their own political party held America hostage over the debt. Their own boy (Beaner) had to go back and plead with the t-nuts 3 times to vote for something. Then, these loud-mouthed "candidates" have no clue.

    August 6, 2011 09:17 am at 9:17 am |
  8. cindy

    alot of finger pointing....we saw what YOU were doing while all this was going on. No solutions NOT even 1 idea between the lot of you. It would be funny if it wasn't so shameful.

    August 6, 2011 09:18 am at 9:18 am |
  9. 4merRepubCT

    Apparently, the GOPers have not read or listened to S & P's rationale for the downgrading. They are very clear that this is is a response to what has been occurring during "this administration, the last administration," and that the downgrade is a response to the political brinksmanship of the last debt ceiling debate. S & P wanted Congress to develop a $4 trillion deficit reduction plan (which Obama put on the table) that included revenues; this would have indicated a serious and practical approach to dealing with our deficit. What Congress gave us is cuts-only, not a sustainable long-term plan.

    Read the S & P report before you analyze it.

    August 6, 2011 09:18 am at 9:18 am |
  10. kyle

    This credit rating and debt ceiling are just another manufactured plan by the GOP to destroy the economy and Obama for political gains.

    August 6, 2011 09:23 am at 9:23 am |
  11. Cru

    Oh shut up Republicans.. This is your manufactured crisis. You're not going to blame it on anyone else.

    August 6, 2011 09:25 am at 9:25 am |
  12. CherokeePhoenix- (non-partisan voter)

    Guess it had nothing to do with Congress not being able to come to an agreement? It's ALLLLL the President's fault. Why is it that no one takes responsibility for what they do? Finger-pointing is just easier?

    August 6, 2011 09:26 am at 9:26 am |
  13. They ought to change from the elephant to the hippo...

    Wow... Mitt has taken the LEAD on criticism? I'm stunned... that he's actually taken the LEAD on anything... (OK.. maybe not so much... It's relatively easy to launch torpedoes from the sidelines.)

    August 6, 2011 09:27 am at 9:27 am |
  14. MAC

    Thursday ABC Evening News said with the Debt Limit Bill cuts that the deficit in 10 years will be over 26 trillion dollars instead of over 28 trillion dollars. That is still way too much debt to leave future generations! S&P was right to down grade since the Administration and Congress could not cut the deficit spending by the 4 trillion that was expected for not downgrading the debt. At least Jimmy Carter did not lose America's AAA rating. America needs to get its spending, taxes will not even pay for the debt Obama Administration has created by taxing everyone working at a 100% rate.

    August 6, 2011 09:28 am at 9:28 am |
  15. ChaCha Oro

    Conservatives are so schizo at this time the conservatives that support the tea party wrenched the work provided by both parties that ultimately brought the country to this. I saw Tea Party members taking credit for changing the fiscal dialogue, yep sure did look at how productive it was. Now where are all those jobs in the private sector!!!!

    August 6, 2011 09:29 am at 9:29 am |
  16. Squigman

    The G.O.P., had much more to do with, and should be held responsible for this downgrade. If any republican candidate, for any office says otherwise, just ask the following question of this quivering, lying piece of dung. Why did you and your party allow the previous president ( Binky The Wonder Dumbass), the latitude to run through a massive national economic surplus, without any argument from the supposed party of fiscal responsibility? Make no mistake about it, there are people who can think, and remember what has happened, and watched the stinking politics that's interfered with what is needed to make the country work. Think about it. Hopefully in the near future there will be many republicans, walking the unemployment lines. By the way. Just because you say you're a republican, dosen't make you intelligent. Judging from the past ten years of watching you creeps destroy everything in sight, proves the opposite to be true.

    August 6, 2011 09:30 am at 9:30 am |
  17. Nojabo

    These people lie! I am a lifelong Republican who has had it with these morons. They play brinksmanship, refuse to even consider tax increases to pay off the massive debts that have ALREADY been run up, and then have the unmitigated gall to blame Obama. I am sick of the Party of Lincoln.

    August 6, 2011 09:33 am at 9:33 am |
  18. diridi

    GOP idiots are sole responsible for this mess, even for downgrading of the nation's Credit. OK, All know this. true, true and nothing but true.......

    August 6, 2011 09:34 am at 9:34 am |
  19. Myron8160

    God bless the gopbaggers hope they enjoyiny yall five weeks vacation it mite be your last one the BY THE MERICANPEOPLE YOU jerks

    August 6, 2011 09:36 am at 9:36 am |
  20. Steve

    It's funny how the Obama Administration has blamed others for it's failed policies. Taking on more debt with the passing of Obama's Health Care was probably one of the dumbest fiscal moves I have seen. If he took over such a weak economy, why weaken it more by adding more debt for an unconstitutional health care system. It is pretty obvious that Obama came in to office with an agenda to take care of the people who voted for him strictly based on the color of his skin.

    August 6, 2011 09:36 am at 9:36 am |
  21. Aezel

    This is typical tea party thinking. By the same logic you could go pull a gun on someone to rob them and then blame the person who got robbed for creating a violent situation.

    August 6, 2011 09:40 am at 9:40 am |
  22. Repubs - the party of no responsibility or integrity

    Of course – the weak Repubs would blame Obama for their inability to satisfy their wives and/or lovers if the opportunity arises.
    We all know that this is the result of the Repubs being controlled by their tea-bagger drama queens who turned the debt ceiling “house keeping chore” into a crisis for their political theater of attack Obama at all costs – even risking our economy.

    August 6, 2011 09:41 am at 9:41 am |
  23. Jon in Madison

    He promised we needed to pass a stimulus (that cost us an extra trillion dollars) to keep unemployment from going over 8%, but we've been over 9% ever since.

    He then tells us that punishing the insurance companies was the only way to bring down the cost of health care, but insurance costs only make up 1% of the health care costs in the US.

    We were then told that the global market would be in shambles if congress didn't raise the debt ceiling, and it tanked anyways.

    When will people start to wake up and realize that our president is in way over his head. This is what happens when you elect someone who has no experience in how to run anything, let alone an entire country.

    August 6, 2011 09:41 am at 9:41 am |
  24. diridi

    just pass term limits, i mean "term limits" for all these bastards of congress, and senate.....wake up, America, Revolt....for this....we need to have bigger revolution....i mean "Revolution" in here....say Term Limits......o.k, Pass Anti-Lobby law....too....god bless......

    August 6, 2011 09:41 am at 9:41 am |
  25. jnpa

    Oh Bachmann, get it right! It was CONGRESS not the know Congress, you are part of that dysfunctional organization...RIGHT? It was Congress in the following order – Tea Party, Republican Party, Democratic Party. GET IT? Now go away with your lies!

    August 6, 2011 09:42 am at 9:42 am |
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19