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)

    WOW! Romney & Bachmann? They are laying the entire blame on Obama? As best I can recall, it was CONGRESS who refused to work with each other OR the President on the debt deal. But, we knew this was coming!!

    August 6, 2011 04:26 pm at 4:26 pm |
  2. Henry

    Are they never going to grow up? We need a grass roots effort, an uprising of the common people, to vote out every single incumbent, regardless of party affiliation. I would be horribly embarrassed to be associated with either party. Too bad our form of government does not have a mechanism for a vote of no confidence requiring every elected member of Congress to immediately stand for reelection. Congress has the lowest approval rating in history, but we the common people have no power whatsoever to do anything about it.

    August 6, 2011 04:29 pm at 4:29 pm |
  3. Liz the First

    Wow! can you say projection, boys and girls? the repubs made the mess, they prevented Obama from doing what was necessary to clean up the mess. they create a bigger mess with the debt ceiling debacle, and now they have the gall to blame Obama. how long is it going to take their vict.., er, base to realize what they're about, destroying Obama. period. not helping the country recover from a near depression, not helping Americans get back to work, just destroying Obama and you and i are collateral damage. if there's one repub reelected in 2012 then shame on this country. if we're that stupid, maybe we deserve to go the way of the dinosaurs.

    August 6, 2011 04:31 pm at 4:31 pm |
  4. Kelley

    Let's go to some simple economics. GDP= consumption+ interest + gov spending + net exports – imports. If you cut government spending, You decrease the money supply. interest rates go up, which decreases consumption. in other words, making cuts during a recession is a BAD thing! Certainly carrying a lot of debt is not ideal, but cutting spending as a general rule is only gonna make things worse.

    August 6, 2011 04:32 pm at 4:32 pm |
  5. Later than you think!

    NOW will loyal Americans FINALLY stand up and fight for THEIR country?

    August 6, 2011 04:34 pm at 4:34 pm |
  6. thomas

    My deepest thoughts go to those lost today , so far away !

    We need to thank and honer those and there familys for such commitment , at such sacrafice..

    Thank you , sencerly

    August 6, 2011 04:35 pm at 4:35 pm |
  7. AJ

    90% of the GOP signed allegiance to Grover, and no taxes. 70% of the nation WANTED cuts and taxes. They ignored their constiuents. They ignored the very people they are to represent. They created an issue, showed they wouldn't compromise, and the world called us on that. Go look at the downgrade...inability to compromise was a listed reason.

    Keep signing pledges to Grover, and keep ignoring America. The polls will show how people took to that.

    Oh, and John Boehner, you can't claim you got 98% of what you want, and then say the ddowngrade over the deal ain't on you. Pick one you waffling, flip-flop of a mouthpiece.

    August 6, 2011 04:45 pm at 4:45 pm |
  8. TXJim

    Blah Blah Blah ... Obama fail ... blah blah blah..

    All of them are going to "Fail" to beat him.. because they will "Fail" to offer any alternatives..

    In this country we don't elect critics to national office, we elect leaders..

    Criticizing from the sidelines isn't leadership...

    August 6, 2011 04:51 pm at 4:51 pm |
  9. anonymous

    What a bunch of clowns running for president on the republican side. First of all, with all due respect you're speaker
    John Boehner was the one who said and came out and said that he is proud that the republicans got 98% of what they
    wanted, remember that? Then, these clowns want to blame president Obama despite being downgraded anyway.
    Despite the fact that when president Obama and speaker John Boehner were on the verge of having a deal, the tea
    partiers were the ones who said no.

    August 6, 2011 04:53 pm at 4:53 pm |
  10. Michael

    Wow couldnt see this coming. GOP got everything they wanted, Obama capitulated on virtually every point, and yet somehow its HIS fault the bond rating was lowered. Amazing. Its as if they are blaming him for doing what they asked. The man just cannot win. He inherets Bushs economy, his wars, his finanical crisis, and yet he is blamed for everything. If the country cannot see what parasites and monsters the republicans are at this point, they are blind and stupid.

    August 6, 2011 04:53 pm at 4:53 pm |
  11. John K. G.

    Anyone with an ounce or even half an ounce of economic and financial knowledge know the President of the US–any President–does not control the economy. It's a free-market capitalist system, not a socialism. So these GOP TeaBaggers are just playing up to others' stupidity which is reflected in their own.

    August 6, 2011 04:54 pm at 4:54 pm |
  12. Randy, San Francisco

    As retirement 401Ks and stocks go down the tubes, there is enough blame to go around to all the players. However, most of the blame falls on the Tea Party hobbits who held Speaker Boehner and the country hostage. For months the Tea Party hobbits reassured voters that nothing bad will happen to the economy. Well the Tea Party hobbits were wrong and our retirement investments dropped almost a Trillion dollars.

    August 6, 2011 04:56 pm at 4:56 pm |
  13. Canuck

    As a Canadian i cannot believe what is going on down South; you bickering is effecting the entire world economy!! I'm a professional who earns in the low 6 figure's. My personal tax rate is 38% 10% higher than your highest tax bracket yet i'm not in the highest tax bracket. Our economy is much better than yours,we have less unemployed,single payer health care which cost less per capita than yours does, we have tighter regulation on banks yet the banks are still very proftable. the tea party's theory on job creation is created by not taxing the rich or as the Republicans refer too as job creators isn't true jobs are created by simple economics Supply & Demand: The largest segment of society the middle class must be the ones who are spending. From the outside looking in it seems like this posturing is for political gains & to control of the middle class, nothing good will come of this. The American people will lose & Canada will also suffer @ this pace life style that once was admired by all other countries will be a thing of the past.

    August 6, 2011 04:58 pm at 4:58 pm |
  14. Clayton Davis

    Every member of our Congress who signed that Oath of Allegiance to Grover Norquist has violated their Oath of Office to the United States Constitution and therefore is an American TRAITOR who should be tried and hung as such.

    August 6, 2011 05:02 pm at 5:02 pm |
  15. Bman

    But the folks working at S&P are getting paid way too much money for the work they do. I don't know what we're waiting for, Now can we raise the taxes on the rich? .

    August 6, 2011 05:04 pm at 5:04 pm |
  16. DJ

    @Jon in Madison – You can't lay any of this at the feet of George Bush and his administration and Republican Congress? He certainly had a lot of experience when he came into office. A lot of experience at running every business he ever was involved in into the ground. That is, after he sold his interest for a crapload of money! Where do think this huge deficit started? With Bush's tax cuts for the wealthy! That's where. How long did it take that idiot to totally deplete a surplus left by Clinton? Do you not think some of this deficit we now enjoy came from the dip's personal war on Saddam Hussein? When did the TARP program begin? And Bush's Republican Congress went along with every single thing he proposed. Just like Obama's Democratic Congress passed his healthcare bill. How soon they forget! And you probably voted for that nitwit!!!

    August 6, 2011 05:05 pm at 5:05 pm |
  17. MB Seattle

    Can you say Tea Party.

    The republicans have manafutured a crisis and blamed the President. The canidate that blame the president are not worth spit.

    I expect more of this type of behavior on the highway tax issues as well.

    Giving time the Repluican have done more to sap the enegy out of the recover than any single issue.

    These idiots belive in Party over nation. You unpatroitic pieces of $#=t

    Obama has just tried to clean up the mess left by the Bush years and your two off buget wars and tax cuts. You are only fooling yourslves.

    Shame on the republican party shame on the tea party.

    August 6, 2011 05:06 pm at 5:06 pm |
  18. Eiolgj

    When the politicians, of any stripe, complain that we are going to leave big debts to our grandchildren but aren't willing to pay MORE NOW to banish the debt we already have, then they are hypocrites. When the politicians say that taxes are bad, rather than pointing out that taxes are the way we say Thank You for the blessings of living in this country, then I say that those politicians are un-American and looking out for their selfish short term gain at the expense of our country. Sure there could have been better leadership, but when someone refuses to follow a leader and then blames the leader, that person is like a spoiled toddler.

    August 6, 2011 05:07 pm at 5:07 pm |
  19. anthony

    These GOP folks can scream it until theyre blue in the face, and their base will probably fall for it. But at this point, the entire world sees that the Republicans plan to make Obama a one term President has sorely backfired. As goes the President, goes the Nation, and if they wanted to make him fail, then the wish the same for our economy as well. So there goes the AAA rating. And the Republicans STILL didnt succeed at bringing Obama down. They just showed that their party is split, and run by a few TeaPartiers hell bent on not comprimising, and making sure the wealthy few get their demands met at the expense of the middle class. OK, GOP.. time to start being accountable for your actions. The facts dont lie.

    August 6, 2011 05:08 pm at 5:08 pm |
  20. Chris

    Would you like some more tea with that downgrade. Bachmann and the tea party are going down with the downgrade.

    August 6, 2011 05:08 pm at 5:08 pm |
  21. WTF?

    If you want a job VOTE DEMOCRATS BACK IN OFFICE. The decline of the economy started with the GOP Governor start to strangling the recovery with shutting down public works projects. And then went on rampage to go after teachers, firemen, police officers and federal workers. GOP can't run gov't when they hate gov't.

    August 6, 2011 05:14 pm at 5:14 pm |
  22. John

    Just like the Republican and the Tea Party try to put the Blame On someone else. When It the Republican And Tea Party Fault ,and Only the Republican and the Tea Party FAULT. They are the one that sign all the Pledge and wouldn't agree to nothing but what they wanted. You Idiot keep voting for Republican and Tea Party, How the Jobs they Promise In 2010 when the run On JOBS, And you voted these Idiot In Office. They seem to forgot that they Swear a OATH when they took Office. But they till sign these Pledge and that who they keep there word to. On a CNN poll that say 87% of American People didn't like the way the Republican and the Tea Party handle the dept ceiling deal, So I guess the Republican and the Tea Party was only thinking of the Other 13% of American People ,you know the RICH and BIG BUSINESS. And The Republican and the Tea Party say the hell with the Rest of you.

    August 6, 2011 05:19 pm at 5:19 pm |
  23. "The GOP biggest deception is getting the Poor and Middle class to believe they are out to help them"

    Sorry the people of America knows exactly who is to blame for this, so the Republicans and the Teabaggers currently in Congress should get ready to basically, see the door!!! I think 2012 will see them out of those seats!!!

    August 6, 2011 05:22 pm at 5:22 pm |
  24. nintex

    This blaming of President Obama for the downgrade by the Republicans is beyond disgusting. Just last week they were holding up the negotiation process and saying that the looming default wasn't that important. Palin was blaming President Obama for "scare tactics" – how's those scare tactics workin' for you now, Palin?

    August 6, 2011 05:22 pm at 5:22 pm |
  25. Donkey Party

    Just read any of the comments from the knuckle-dragging right-wingers,and it's plain to see who is responsible for effing this country up.

    August 6, 2011 05:23 pm at 5:23 pm |
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