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. Tea Party Mike

    This is the end for Obama. He is blaming everyone else, but he is the one who blew it.
    Anyone who followed the debet ceiling negoiations knows that Boehner and Obama were close to a deal that was large enough to satisfy S &P. They had even agreed on 800 billion in new reveneu throught tax reform. But then Obama blew it up by asking for an additional 400 billion in tax increases. With time running out, Boehner correctly determined that he was wasting his time with Obama who could not be trusted to stand by an agreement.
    A big bipartisan big deal could have been made that even included an increase in tax revenue. But in the end we got a deal the was not adequate and did not include any increase in tax revenue.
    Because the deal was inadequate, most of the Tea Party members of congress voted no. A compromise that does not produce a solution is not a compromise worth making.
    To restore the AAA rating, more deficit reduction is required.
    Many Tea Party Republicans will support new revenue through tax reform as long as there is also spending cuts through entitlement reform of Medicare and Social Security. But most Democrats draw the line in the sand at doing anything to Medicare and Social Security. I suspect we will never see any headlines calling Democrats terrorists for not compromising on Medicare and Social Security.
    Republicans and the Tea Party are the only hope this nation has to avoid a fisical and economic disaster within the current decade.

    August 6, 2011 03:19 pm at 3:19 pm |
  2. Ex Liberal

    To you liberal slanderers, PLEASE Read the story about the 31 Marines killed fighting real terrorists so that you can call those who disagree with you terrorists.
    The problem is, there are finally people in Washington with a financial clue, sorry lefties but all your psycho babble and faux knowledge of finances is showing itself.

    August 6, 2011 03:25 pm at 3:25 pm |
  3. Rosy Outlook

    We need to start a recall drive to get the obstructionist Republicans out of the Congress NOW. Our country cannot wait until next year. They are only interested in wrecking our economy to be able to blame the President for the mess they have created and are continuing to push even now. Any sensible person knows that for government to stop investing and hiring is a sure fire way to deepen the recession. Has everyone forgotten how many bills proposed by the Dems to stimulate the economy and create jobs were stopped in the senate by the Reb minority. Remember the 60 vote requirement??? The only way for us to take back our country from these sickos is to vote them all out of office asap and get that 60 vote requirement fulfilled. Then we can get about the business of saving our country. I know the Democrats are not perfect, but at least they are not hell bent on killing our economy, and our country along with it.

    August 6, 2011 03:25 pm at 3:25 pm |
  4. Ex Liberal

    Hmmm, I wonder, did the media lede with stories like Democrats quick to lay blame when Bush was in office?

    Besides when Bush went under 50% approval rating CNN had a daily poll showing how Bush's poll numbers were going down by the day. As the democrats attacked Bush on the Iraq was, even as the surge was beginning to work. Ironic that Obama used a surge in Afghanistan within two years of saying surges don't work and voting NO on a debt ceiling increase while saying it was the height of irrespnosiblity to keep increasing the debt ceiling and that it was a failure of leadeship.

    August 6, 2011 03:27 pm at 3:27 pm |
  5. LMC

    The downgrade in our credit rating can be laid at the feet of the Republicans and Tea Party folks who refused to bargain and compromise. The economy was in shreds when Obama took office. I doubt anyone could have done any better than he has. It's really easy to blame the administration when they are doing their best to unwind us from the crisis inherited from the Bush administration! Second guessing is easy! I will surely remember the mess the Republicans and their ilk have brought us when it comes time to vote again!

    August 6, 2011 03:30 pm at 3:30 pm |
  6. Henry Miller, Libertarian

    Individuals who get in debt over their heads get their credit scores hammered. Obama and company have done exactly the same thing to America.

    The Presidential oath is:

    "I do solemnly swear (or affirm) that I will faithfully execute the Office of President of the United States, and will to the best of my Ability, preserve, protect and defend the Constitution of the United States."

    Obama has violated both clauses of that oath and ought to be kicked out of office.

    August 6, 2011 03:33 pm at 3:33 pm |
  7. I'm a Socialist

    I agree, there is too much government. All the republicans should just quit if they're so concerned about too much government. I don't see the point of them being involved in government at all really. I tell you what, if Obama wins next year, he should throw an all out minority victory party only inviting African-Americans and Hispanics just to piss off the republicans.

    August 6, 2011 03:35 pm at 3:35 pm |
  8. Tony in Maine

    The supposedly liberal main stream media has spent the morning reporting the latest Republican myth, that S&P downgraded U.S. Treasury bonds because enough programs didn't get cut deeply enough. ABC's expert du jour was from Rupert Murdoch’s Wall Street Journal, not exactly a bastion of political neutrality. Surprise, surprise, he also said the cuts weren't deep enough.

    Actually, S&P says on their website that their problem is with McConnell’s newly announced policy of political brinksmanship," of taking vital decisions hostage in order to get his way on other decisions. S&P's website says they feel this does not make for economic stability.

    But, the media are parroting, as though fact, the right wing story that it's all Obama's, Pelosi's and Reid’s fault. If only they'd done what Cantor and Boehner wanted, slashed obligations like Social Security and Medicare and increased tax cuts for “the job creators.”

    I expect Republicans to make up stories to "prove" they are right. But, I wish that journalists would take the time to check out what they're saying before reporting offal as though it were fact.

    In this case, reporters really needed to Google S&P's statement to find out was actually said, they downgraded the US bond rating because of the potential that “political brinksmanship” would become the norm should the Tea Party strategy become the Republican strategy.

    There is also S&P's own brinksmanship, a threat to further downgrade if fiscal policy and the political process that makes it don’t change.

    China – expressing dismay over domestic politics influencing the global economy, suggested that the US dollar no longer remain as the standard in the world of finance.

    None of this was Obama, Reid or Pelosi. All of it belongs to the Tea Party and their terrified party leaders, McConnell, Boehner and Cantor,

    August 6, 2011 03:36 pm at 3:36 pm |
  9. joe

    I hope American voters wake up and realize that this president is destroying our country as we know it. Poor man has no Idea how to lead all he can do is what he has always done and that is to spend everyone else money. Starting with his upbringing he has known nothing else. AND HE CALLS IT HOPE AND CHANGE what a laugh!!!!

    August 6, 2011 03:37 pm at 3:37 pm |
  10. blue jay in cali

    well did we expect them to take credit for the teabaggin nubs in the house? isnt this why they have a second party in the first place? now the republicans can manufacture a crisis at will and just blame it on the teabags. as far as i am concerned there is no line that separates these guys.

    August 6, 2011 03:37 pm at 3:37 pm |
  11. Numyorangay

    Who is the teabagger insider at S&P, better still, who do the Bushes know at S&P? Don't you think they had this planned all along? Bachmann straighten out your gay husband first, get him to stop having an affair with Perry doing the toilet stall stump, Romney get a life, Sanatorium choke on your own vomit, Huntsman who cares and if Palin pipes in, send Bristol out to get drunk and have another baby. . .geez. . .so when the poor are even poorer because of the underhandedness of these azzholes then stealing and plundering become a right. . .guess they don't folks will eventually get tired of the inequity.

    August 6, 2011 03:40 pm at 3:40 pm |
  12. Liberal elite=anyone with an education

    Well Tea Party, there you go. "Mission Accomplished"- in your quest to find something to blame on our President, you've managed to ruin our good credit.
    Attention voters: this is what happens when you vote petulant children into office for whom compromise is a bad word. You reap what you sow. Nice going Tea Partiers and "Party before Country" Republicans – this one is ALL you!

    August 6, 2011 03:42 pm at 3:42 pm |
  13. Rosy Outlook

    Considering the comment made just before mine, with an obscenity in CAPS and inaccurate labels, I do not understand which part of my comment needs "moderation". As Harry T said, I just tell the truth, and they THINK it's hell. RO

    August 6, 2011 03:42 pm at 3:42 pm |
  14. Nbiru

    The Republican Party should be so very proud that they have succeeded in making Obama look bad – – – by deliberately sabotaging America's economy.

    August 6, 2011 03:46 pm at 3:46 pm |
  15. CaliforniaBC

    Ah yes....lay blame everyplace else except where it actually the feet of the tea party republicans.

    August 6, 2011 03:53 pm at 3:53 pm |
  16. Bill from GA

    Ronald Reagan is quoted as saying: " There is no limit to what you can accomplish if you don't care who gets the credit "

    Repugs now say: " There is no limit to what damage you can accomplish as long as you can blame it on Obama "

    August 6, 2011 03:55 pm at 3:55 pm |
  17. thomas

    Looking for WMDs and ordering 3 trillion worth of freedom fry s isn't cheep !

    Ahmad Chalabi must be laughing all the way to the BANK .

    Think of how we could have improved our own country , we sure wouldn't be in this mess.

    Thanks Bush ! Fool me once , shame on me , fool me twice move to Texas !

    August 6, 2011 03:57 pm at 3:57 pm |
  18. Dan J

    Can Obama still blame Bush for this?

    August 6, 2011 03:58 pm at 3:58 pm |
  19. Dennis

    Then I would like the GOP to lay out a reasoned, constructive, well defined balance plan that will result in the restoration of the AAA rating. This does not include casting blame, pointing fingers, name calling like a bunch of seventh grade girls. This does not include more of the same old BS of cutting taxes for the RICH because they are the JOB CREATORS. This means being realistic and CUT SPENDING where the cost does not justify the benefit, like unnecessary wars. This means taxing
    EVERYBODY in a fair way. This means finding way to REALLY creat jobs. This mean getting rid of the SPECIAL INTEREST groups and start listening to ALL the American people. Over 70% of the American people wanted revenues to be part of the solution. Republicans................THIS IS WHAT YOU GAVE US.... YES YOU. Don't deny it, Don't spin it. Own up to it and start doing your job. You work for the people, NOT big business, Wall Street or the LOBBYISTS. Grow up and stop acting like spoiled brats.

    August 6, 2011 04:06 pm at 4:06 pm |
  20. FactCheck

    You tea-partier do realize that the downgrade came because (a)your guys refused to accept $4 trillion in reductions because it closed tax loopholes, and (b) your guys refused to increase revenue. Of course you don't... you don't understanding anything other than what Fox news tells you.

    August 6, 2011 04:06 pm at 4:06 pm |
  21. Tea Party Mike

    I don't think the Republicans are correct to just blame Obama. Reid, Pelosi and congressional Democrats are just as much at fault as Obama.
    If it was not for Republicans and the Tea Party, the situation would be much worse. If not for them not a penny of spending would be cut at this time.
    Everyone knows Obama and the Democrats wanted a clean debt ceiling increase with no deficit reduction. Only the Republicans and Tea Party saw the wisdom and need to use the debt ceiling increase as an opportunity to solve the nations debt problem that is a very real threat to all of our futures.
    Everyone knows Obama submitted a budget for 2012 that did nothing to resolve the spending and deficits. He claimed that it did but the scoring by the CBO showed annual average deficits of over 900 billion for the next decade with deficits increasing in the out years. Not even close to any kind of solution. The Obama budget was defeated in the Senate 97-0, not even one Democrate voted for it.
    Everyone knows the Democrats in congress have not passed a budget for the last 2 years becasue the only budget they want to pass would increase spending and government and grow the deficits and debt. The last budget they passed was scored by the CBO with average annual deficits over the next 10 years of nearly 1 trillion. That in fact was the event and final straw that started the Tea Party movement. Democates have not passed a budget since because the only budget they want to pass is more of the same.
    The only way Democrats will agree to any spending cuts at all is to face a government shut down or credit default.
    But Republicans know a majority of voters want the spending cut.
    Too bad the lame stream media does not call Democrats out on not being willing to compromise for the greater good of our nation except under dire circumstances.
    If Democrats had had their way, S & P would have still down graded the US and we would be 2 plus trillion farther from a solution. And by the way, if the Bush tax cuts to the rich expire, that is only 700 billion of new revenue over 10 years. The S & P wants at least 4 trillion in defict reduction, the Bush tax cuts do not even come close to solving the problem. Democrats keep saying all we need to do is let the Bush tax cuts expire, they don't want to cut one penny of spending and really want to spend even more. The Democrats have no solution. If the Democrate get their way there is only economic disaster in our future.

    August 6, 2011 04:07 pm at 4:07 pm |
  22. NVa Native

    "Over his head, socialist, libs are satan, birth certificate, Kenyan, Muslim, Dem’s debt, blah, blah, blah". And you tea-baggers think we're not noticing all your saying is the same lies and deceptions that start with fox media & hate radio. Or maybe you all are just so simple minded you don't recognize that all of you keep repeating the same baseless nonsense?
    No matter how much you keep repeating the fox dribble of lies it doesn't magically become true – get over yourselves. We see you for who and what you are.

    August 6, 2011 04:08 pm at 4:08 pm |
  23. Anonymous

    Michele Bachmann blames Obama for S&P downgrading the US, after openly calling for a default on US debt, which S&P cites as a cause.

    August 6, 2011 04:16 pm at 4:16 pm |
  24. CedarRapids

    Are they serious? The downgrade was due to all the stupid politics over the debt ceiling and the majority of the country blame the Repubs for that and yet the repubs ignore this and blame Obama.
    And Bachmann didnt want to raise the debt ceiling at all, that would have led to more than just S&P dropping the rating.

    August 6, 2011 04:25 pm at 4:25 pm |
  25. Chumlee

    S&P (for what it is worth) blamed the Republicans for the downgrade – no new revenue and their continued obstructionist

    So, GOP candidates – for once in your pitiful lives, PLEASE GET THE FACT RIGHT! I know it is hard for the likes of
    Pawlenty, Romney, Bachmann, et al to state facts or tell the truth, but come on folks, if you believe the lies coming
    out of these mouthes, then you are as stupid as this collective group of idiots.

    August 6, 2011 04:25 pm at 4:25 pm |
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