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. chedar

    Quit blaming someone rather than provide a solution. Blaming someone is a sign of weakness from a candidate. We need constructive criticism, let's follow what President Kennedy say: "Ask what you can do to the country rather than what the country can do for you" Shame on all the politician that jump into the "Blame" wagon.

    August 6, 2011 02:28 pm at 2:28 pm |
  2. Bob Ramos

    How ashamed the rank and file Republican must be. The best and brightest that his/her party can produce have made it their mission to degrade the intelligence of the American public by lying about whose fault it is that we lost the AAA ranking. To be honest, this petty agruging will continue and we will see a further reduction of this important ranking.

    August 6, 2011 02:29 pm at 2:29 pm |
  3. GI Joe

    The republicans pay for out boys to fight their wars, but they can't pay for them to get a job once they come home

    They want women to be breeding tools to produce for their wars. VOTE THE Republicans OUT

    August 6, 2011 02:30 pm at 2:30 pm |
  4. annie s

    Good soundbites. But the people 100% responsible for this downgrade are the fanatical Tea Party members of Congress and their enablers, the rest of the Republican party.

    August 6, 2011 02:32 pm at 2:32 pm |
  5. paul

    Does anyone notice that the Republicans always turn everything into a "crisis". The master plan is to make everything a crisis and that will scare the "little" folk into voting Republican. They are the masters of deception. Obama caused the oil spill, the draught in Texas, the underwear bomber, the earthquake off Japan, the women's soccer team to lose. If only they can find a way to blame him for the daily weather!!!!

    August 6, 2011 02:37 pm at 2:37 pm |
  6. DENNA

    Are the GOP freakin' kidding? They and their minions, the Tea Party, are the cause of this. Don't be stupid America, the Democrats are the ones that care for the ordinary American. In fact, the safety nets of Social Security and Medicare were created by a Democratic president. The Rethugs/Tea Party, call them 'entitlements'. How the heck could they be 'entitlements' when we have been paying for them through payroll deductions? VOTE DEMOCRATIC! SAVE AMERICA!

    August 6, 2011 02:39 pm at 2:39 pm |
  7. chris

    Boehner himself said that Repbulicans got 98% of what they wanted out of the debt deal. Amazing that 2% somehow makes it entirely Obama's fault.

    Obama warned repeatedly that if the Republcians plan was followed, S&P would downgrade the country's rating. But everyone on the Right accused him of fear-mongering and telling lies.

    Obama offered 4 trillion in tax cuts. But the Republicans rejected it because it included increasing revenue. The GOP came back with only 2 trillion in tax cuts – then had the gall to accuse Obama of being the financially irresponsible one.

    The S&P specifically points to the debt debacle for the downgrade. They cite two factors. First, not coming up with a viable plan to address the deficit – one that includes both spending cuts and revenue increases, not just spending cuts alone. Second, having a dysfuntional government owing to a faction that refuses to compromise or cooperate.

    In other words, the downgrade is all the fault of the Tea Party.

    August 6, 2011 02:40 pm at 2:40 pm |
  8. Consider This

    The blames lies solely with the hostage takers. They will destroy our country.

    August 6, 2011 02:47 pm at 2:47 pm |
  9. Paul 1st

    Did none of these candidates listen to what S&P had to say about the source of our debt problem? It is the result of the policies of many administrations and Congresses over time that have poorly handled our finances. We need leadership in both parties who will work together towards a solution. Anyone who plays the blame game should be shunned.

    August 6, 2011 02:49 pm at 2:49 pm |
  10. john randolph

    For the United States to move forward, the Republican party needs to be wiped off the map, and new parties must arise to challenge the Democrats and keep them honest. This a serious issue that must be dealt with.

    August 6, 2011 02:49 pm at 2:49 pm |
  11. 4merRepubCT

    S & P had been quite clear that they were looking for a $4 trillion deficit reduction plan (what Obama put on the table, and Boehner walked away from). There was no uncertainty about that. Apparently, this was part of what the Repugs wanted – is this part of the 98% that they got, or is it a bonus?

    August 6, 2011 02:53 pm at 2:53 pm |
  12. john randolph

    "The Tea Party is the future. Impeach obama. Elect a Republican on November 6, 2012. This is the only way to get our America back. obama and the left wing liberals have destroyed this great country with their socialist ways."

    This is the kind of nonsense that floats around in the heads of poorly informed people. These people can be helped by seeing the results of true reform once the Republican party is eliminated and thus stopped from impeding progress.

    August 6, 2011 02:53 pm at 2:53 pm |
  13. bobcat2u

    Republicans sure can spin some tales, can't they ? I know there are some people out that live and breathe on every word they say. My hope is that the majority of us, including the ones that thought they were doing the right thing last november, knows the truth now and will vote accordingly next time. I don't have to spell it out for you, do I ?

    August 6, 2011 02:54 pm at 2:54 pm |
  14. mario suarez

    The problem we have is the following the president will never be able assit in any way with the economy or with any other issue there is just too much hate towards him too bad he is not blond blue eyes if that was the case congress will be more understanding lets stop kidding each other race has a lot to do with it racist is alive and well in my beloved country

    August 6, 2011 02:55 pm at 2:55 pm |
  15. M-AZ Independent

    GOP rogue politics is what got the US downgraded...people better wake up and see the danger of the EXTREMISTS in America (GOP lacks balance).

    OBAMA 2012/Solid Democratic Senate/House

    August 6, 2011 02:56 pm at 2:56 pm |
  16. Bob

    Let me see, The Republicans refuse to agree to anything and hold up the process and NOW they want to blame poor Obama who yelled at both sides several times. You just have to admire these LIARS

    August 6, 2011 02:56 pm at 2:56 pm |
  17. GonzoG

    The Tea Party's definition of "lack of leadership" is not doing what they told Obama to do. Basically, cut off Social Security and Medicare to America's elderly (which would get HIM voted out of office–possibly sooner than 2012 when some old guy with nuthin left to lose, but can still shoot straight bumps him off).

    The Tea Baggers held the process hostage to their own whims–a half dozen days of debate and votes in the House were WASTED on plans that they KNEW WOULD NOT PASS THE SENATE, but WOULD SCORE POLITICAL POINTS WITH THE TRUE BELIEVERS

    August 6, 2011 02:56 pm at 2:56 pm |
  18. fideauxdon

    The Tea Party is the future? What a scary thought that is. The Tea Party wanted the country to default on money already spent, and the only thing that Obama did wrong was to try to compromise with them. You can't compromise with people who think that all fiscal problems can be solved by tax cuts. As for Romney, his comments make him less worthy that the Tea baggers. This is a man who made his fortune by buying up companies with 10,000 people, combining them, cutting benefits, and creating a new company with 5000 slaves. If that doesn't make you puke, you're either a billionaire like the Koch Brothers, or a lower class of human species.

    August 6, 2011 02:59 pm at 2:59 pm |
  19. Chipster

    Just when you think Republicans can't get any more ignorant, they'll prove you wrong every time! OMG! The reason give for the downgrade was the lack of balance in the debt deal because there was NO REVENUE to suggest the U.S. might actually be fiscally responsible! Are these Tea-Baggers and GOP obstructionists completely brain dead? The President should have invoked the 14th Amendment and told them to take a long walk off a short pier.

    August 6, 2011 03:02 pm at 3:02 pm |
  20. hillcrester

    The most plausible interpretation of the downgrade is this: With the GOP adamant against increasing revenue, S&P realizes that all debt reduction will have to occur through budget cuts. Either (1) there will be big cuts that will ruin the economy, spiralling us downward, or (2) there will not be big cuts, leaving us with a growing debt obligation. Either way, the GOP refusal to allow revenue increases has convinced S&P that our debt is more risky than a AAA rating.

    August 6, 2011 03:03 pm at 3:03 pm |
  21. Confedkilla

    It was the GOP's intent from the get go to make Obama look like some black mayor of a failed city. They can say what they want but when it comes down to it were here because of their overspending.

    August 6, 2011 03:03 pm at 3:03 pm |
  22. Stupidity2darnhigh

    Yeah that's all Republicans are good for blame blame blame. These people are PATHETIC!!!! It will be a cold day in hell before I EVER vote for a RepubliCON. If ANYONE is to blame for this it's you greedy pathetic people NOT Obama. Remember Obama was ready to take the heat FROM HIS OWN PARTY and cut things they didn't like so we wouldn't have to go through THIS!!! Tell me........what have YOU sacrificed!?!?!..............I'm waiting...............still waiting...........yeah thought so.

    RepubliCONs for every finger you point at President Obama............THREE POINTS BACK AT YOU!!!!

    August 6, 2011 03:13 pm at 3:13 pm |
  23. M-AZ Independent

    Ed Texas

    Dr God, Please protect me from false profits like Rick Perry and the gang of Extreme RIght Wing, so called Preachers who will be attending the so called religious gathering, dubbed "The Response." Please give Americans the ability to see this is nothing but a GOP political rally disquised as a religious event. Help them see there are Christians who happen to be Democrats, Liberals, Socialists, Feminist, African American, Hispanic, Gays, Lesbians, – all made by you! Amen.

    Dear Ed in TX,

    Amen, brother!

    August 6, 2011 03:15 pm at 3:15 pm |
  24. NoTags

    The GOP/tea party apparently has some lapse of memory. Just a couple of weeks ago Obama wanted the "big deal" that would have amounted to 4 Trillion, but the GOP/tea party didn't want that strictly for political reasons.

    The GOP/tea party has now made their bed and must lay in it. People will not forget in 2012.

    August 6, 2011 03:15 pm at 3:15 pm |
  25. carlos

    the repugnant parasites........bachmann, what happened to your wife?????..we do not see it at your rallies

    August 6, 2011 03:16 pm at 3:16 pm |
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