GOP candidates slam Obama after downgrade
August 6th, 2011
09:06 AM ET
3 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. Anonymous

    Not only did the GOP lead the way in the economic mess by deregulating the financial services industry and overheating the economy through massive debt (via the Bush era tax cuts) but they shunned Obama's grand bargain, weighted heavily towards GOP prerogatives with many of them unwilling to raise the debt ceiling under any conditions. So many of them were Junior High, stomping their feet, saying, if Obama wants it, I don't. They are an embarassment. I only hope that if the Democrats benefit from the GOP's childish behaivior (no offense to children) that they remember the kind of bargain they were willing to strike and keep to it–most of us want a compromise between spending cuts and tax increases–we want to get our house in order. Someone for pity's sake must be the adult.

    August 6, 2011 12:16 pm at 12:16 pm |
  2. Sue

    I just hope that our country can survive until Mitt Romney--a financial/economic/business genius--is elected in 2012. Can you imagine the debates between Romney and Obama (without his teleprompter)? Errr....ummmm....hopey and changey......Errrr.....ummmm.....yes we can.......Errr.....ummmm.....blame Bush......Errr....ummm....tsunami, Arab Springs, jock itch.....Obama having to defend the economy, unemployment numbers, gas prices that have increased 100%, increased deaths in Afghanistan, increased prices on food and everything.......hahahahahahahhahaha.......I can't wait. Obama is one and done!!!

    August 6, 2011 12:17 pm at 12:17 pm |
  3. Joe

    Can you imagine one of these toads as president?

    August 6, 2011 12:19 pm at 12:19 pm |
  4. A Real Patriot

    This is an AMERICAN problem...it won't be solved until we all work together instead of trying to find ways to defeat each other and make each other look bad-the collateral damage of that fight being the welfare of the entire country.

    August 6, 2011 12:21 pm at 12:21 pm |
  5. QuietStormX

    It looks as if all of the GOP candidates have not looked into their own party. The ones who forced the deal and would not work with the President or the Democrats to get something done that is worth it. Not pushing it half way as some see it. The GOP are the ones causing the trouble everyone is seeing. Look at the recent polls. The GOP is mostly to blame for all this trouble of trying to get things done that need too be done. So who are they fooling? Not ME!

    August 6, 2011 12:22 pm at 12:22 pm |
  6. Mitzie

    I love when people want to get "our America back". What does that mean? Is that code for something? This is "our America" and we need to quit destroying it in an effort to get rid of a President that the majority of "our" America voted for. How ridiculous is the whole "our America" and "real Americans" debate. Completely silly. We are all "real" Americans. We just disagree on the issues of the day.

    August 6, 2011 12:22 pm at 12:22 pm |
  7. Debra From Georgia

    I know Mitt Romney is not talking. He was missing in action doing the entire debate.

    August 6, 2011 12:23 pm at 12:23 pm |
  8. jkreid

    the republicans are pure evil ,point BLANK. why hate the fact that a black man is in the white house they are willing to say to hell with the US, then if they get in you will not hear nothing from there a**es i truly hate them now

    August 6, 2011 12:25 pm at 12:25 pm |
  9. roscoe

    Who do you blame when you've been tea bagged? The tea bagger.

    August 6, 2011 12:25 pm at 12:25 pm |
  10. Jymn

    Instead of listing all the GOP talking heads' propaganda, why not read who S&P actually blames? In its own words?

    "Compared with previous projections, our revised base case scenario now assumes that the 2001 and 2003 tax cuts, due to expire by the end of 2012, remain in place. We have changed our assumption on this because the majority of Republicans in Congress continue to resist any measure that would raise revenues, a position we believe Congress reinforced by passing the act."

    August 6, 2011 12:29 pm at 12:29 pm |
  11. southillspgh

    Is there a politician ins Washington who is capable of showing anything that remotely resembles character? Every single person on both sides of the political spectrum is to blame for this. Obama has his ownership as well. This is a product of a dysfunctional government and this is a government that needs to be flushed. We need a voice of moderation in this country, we need a centrist movement. We NEED a new political party that governs from the logical center and not from the political extremes of left and right.

    August 6, 2011 12:30 pm at 12:30 pm |
  12. Jilli

    This display furthers the notion of the republicans tenuous grasp of reality. The republicans/tea baggers/hostage takers thought they were soooooo clever in their debt ceiling hostage taking, McConnell going so far as to say it will become regular practice (while theres a democrat in the white house). They're too clever by half. Their irresponsibility caused this downgrade – they refused to negotiate in good faith, they refused to consider Obama's 4 trillion dollar deal. They put their politics over the needs of their country. It's ludicrious to hear them condemn the president for their own recklessness, but it's exactly what I've come to expect from them.

    August 6, 2011 12:34 pm at 12:34 pm |
  13. gw

    The Tea Party managed to take over the GOP with its lunacy. When we have high unemployment and economic stagnation, the government needs to focus on jobs, not the debt or the debt ceiling. If there are jobs, people buy things, this in turn causes companies to invest more and bring in money from the sidelines, unemployment goes down, taxes revenues increase, and on and on. Anyone who has ever taken a high school economics course knows this. Of course we should cut down the federal debt by balancing cuts in needless spending and increased revenues by tax reform, cutting back the military, and so on.

    August 6, 2011 12:35 pm at 12:35 pm |
  14. Derek Wain

    Obama's redistributionist Socialist-lite class warfare "stimulus" has spent the U.S. economy into a Keynsian coma, buried the U.S. under a mountain of debt, and caused us to lose our AAA bond rating. Michele Bachmann has been 100% right all along on the TARP and the debt ceiling vote.

    August 6, 2011 12:36 pm at 12:36 pm |
  15. Anonymous

    Typical GOP standard, blame Obama for the mess you cause. See what happens when you listen to the whispers of the Tea Party. It's your own fault guys, all you had to do was put on your big boy pants 2-3 weeks ago and none of this wouldn't have happened.

    August 6, 2011 12:37 pm at 12:37 pm |
  16. Brook

    It's these kind of statements that make the GOP look like buffoons. They're not doing anyone any favors.

    August 6, 2011 12:37 pm at 12:37 pm |
  17. JD from florida

    @NC You must be joking.

    It is because of the Tea Party and the Republican nimrods that we are in this mess.

    August 6, 2011 12:40 pm at 12:40 pm |
  18. Atlanta Independent

    It sad to see how the Republican blaming president Obama which they made this country fall into debt. I am independent voters I pray to god the republican's loses the house seat. The tea party is trying to destroy our country. We as american need to take our country back from the tea party and the republicans.

    Vote Obama/Biden 2012

    August 6, 2011 12:41 pm at 12:41 pm |
  19. works4me

    Yea... of course it's all President Obama's fault. Anything and everything the GOParrots say... all without any solutions. Yap, yap, yap. Like a Chiuaua constantly biting the ankles of the American People.
    Obama 2012... a thinking mans President!

    August 6, 2011 12:41 pm at 12:41 pm |
  20. Heywood

    Starting wars with unimportant third-world countries while giving fat tax breaks to the big corporations and the filthy rich is what got us here. Now they won't even pay for it. The Republicans apparently have all become mentally ill. Perhaps a long stay in the nervous hospital will improve their schizoid moods and bizarre thinkin'. Or maybe its' just the mushrooms they re smokin'

    August 6, 2011 12:42 pm at 12:42 pm |
  21. Donio

    You can't blame Bush for what happened on his watch but you can blame Obummer???? It looks like there will not be many if any Repubtards to pick from next year and will probably be the same for Demorats. The American people will vote one of these lame politicians into office any way.

    August 6, 2011 12:42 pm at 12:42 pm |
  22. MIDWAY

    S & P clearly said that inability to raise tax and come up with a larger deficit reduction plan like Obama wanted is the reason why they down graded the US. The only people who can be blamed for that is the tea party and Boehner for being scared of them.
    Every dollar in cut is money taken out of the economy = job loss. Tax increase for the rich does not mean they are going to stop spending. How can the rich create jobs when there is no demand for their products because the middle class is hurting. Cut spending and the loss of revenue and deficits will grow faster because people are loosing jobs and cannot pay tax. So any solution that only has spending cuts is loosing proposition. That is why US has lost credibility.

    August 6, 2011 12:45 pm at 12:45 pm |
  23. slimjm66

    If Obama had , fought for his campaign promises to the American people , Americans would not have been down graded . but once in office Obama gave in time after time without a real fight for Americans .Obama surrendered to the Rich Elite Republicans and Americas credit rating fell . You Mr. President , blew it trying negotiate with Racist white trash Republicans .........

    August 6, 2011 12:48 pm at 12:48 pm |
  24. CAWinMD

    For all these Republican clowns who keep harping about a balanced budget, especially Michele Bachmann - put up or shut up. Last I heard Republicans were in charge of the House. They, therefore, should be able to produce that balanced budget that they so desire. All they have to figure out is how to cut $1 trillion+ IN ONE YEAR!. If they truly believe in balanced budgets, then I look forward to the FY12 budget submission where they will present and pass a completely balanced budget. If they don't, then once again they will be proven to be the lying, hypocritical ambulance chasers that they really are.

    As for the S&P downgrade, S&P said the reason was that political factions were willing to take the economy hostage to further their political agenda. Sound like anybody we know, Teabaggers? This is your Satan sandwich - hope it tastes as good as you hoped...

    August 6, 2011 12:50 pm at 12:50 pm |
  25. Jim Bob

    Wasn't it the flemocrats with the fillibuster proof majority in congress from Jan 09 to Jan 11. Yet these tools did nothing to stop the debt ceiling disaster. Now that it happened the GOP are trying to ruin america. Yeah right. These good for nothing morons need to understand you are out of other peoples money to spend. Spend your own.

    August 6, 2011 12:59 pm at 12:59 pm |
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