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. Leslie

    Does anybody really care about what the Tea Bags have to say? Just more useless hot air.

    August 6, 2011 05:23 pm at 5:23 pm |
  2. Lost in Texas FOREVER

    @ Tea Party Mike.......

    just what are you putting in your tea? I just read an article in the newspaper here in Houston today about how a majority now DISLIKE the Tea Party and it's not all Demorcrats or progressives either. It's COUNTRY FIRST not PARTY FIRST like your co-hearts seem to think and not my way or the highway either. Be a man and accept part of the blame for this mess. You guys pointing at yourselves saying "WHO ME?"only makes you look even less creditable.

    August 6, 2011 05:28 pm at 5:28 pm |
  3. 5041360

    the head of S&P took special note of the republican congress and its failure to make any compromise on the debt ceiling and refusal to even consider tax increases- democrats will play that little ditty throughout the campaign season = bush's two wars- an unfunded prescriptio drug plan and now we find out that the repuiblican states of Utaj. Colorado and Arizona have some of the largest welfare bills in the coungry- Warren Jeffs74 wives and god only knows how many children are are food stamos- $$$$$$$$$$$$$$$kof dollars- these states have long been aware of this and have done nothing to imvestigate or even stop it= another little republican secret that is being revealed

    August 6, 2011 05:28 pm at 5:28 pm |
  4. Dennis

    Is this the same Standard and Poors that was so in bed with the Investment Bankers, Banks and Wall Street that they turned a blind eye to all the inappropriate financial vehicles and dealings that almost brought down the entire global financal markets and helped create the situation we are in today? Thought so. Ironic!

    August 6, 2011 05:29 pm at 5:29 pm |
  5. StormeeATL

    The congress now only has an 18% approval rating. I just wonder how many of the other 82% were dumb enough to vote these tea partiers and republican wimps into office – Yes, the republicans who are caving to the tea-party are just as big a wimps as the democrat wimps who keep caving to the right. Well, maybe we are all dumb, because we keep putting the same idiots in office who only care about lining their pockets from K-Street and tilting legislation to the source of that lining. THROW THEM ALL OUT IN 2012!!

    August 6, 2011 05:36 pm at 5:36 pm |
  6. G Smith

    Remember the GRAND DEAL of 4 Trillion Obama proposed and the Tea Party KILLLED>>>>

    August 6, 2011 05:38 pm at 5:38 pm |
  7. GE in MD

    S & P downgraded the US rating more because all the wrangling did not produce an increase in revenue (taxes) than anything else – so I'd "blame" the tea party more than anybody for that. However, I'd "blame" the other parties (the rest of us) for the "Entitlement State" which got us to this position in the first place.

    August 6, 2011 05:39 pm at 5:39 pm |
  8. "The GOP biggest deception is getting the Poor and Middle class to believe they are out to help them"

    @Tea Party Mike, so tell us how much you making these days? So are you in the 250k plus income that the President called for being taxed? I mean for you to talk that stupid stuff, You have to be making major money? So enlighten everyone on the blog how you are definitely not in need of the current tax savings you are currently getting cause you are so rich that it is not necessary!!! Tell everyone on here how since you are employed that you don't need to have extensions on unemployment checks!!! You or if you have kids don't need the Medical revisions that the Healthcare bill has in place!!! You know what everyone needs to ask these so call teabaggers is how exactly, is all these so call things they want (no taxes, cut this, cut that, get rid of this) actually is hurting them because given what they are always demanding you would think they would want the opposite because the majority of them are poor and broke!! You are right about one thing the Dems are just as responsible, because if they were not so scared and did what they were suppose to do when they held the power we would not be in this mess!!!! They brought party bickering out where the public saw it and they is not what you do, you stick together and get it done!!

    August 6, 2011 05:41 pm at 5:41 pm |
  9. Mark

    The consequences of "dumbing down America" continue to mount. When the Tea Party becomes the majority party, loons like Bachmann and Palin become President, and 99.9% of national income flows to the top .01% of the population, the self-destruction will be complete. Investing in a true education for American citizens may appear outrageously expensive ... until you compare it to the alternative.

    August 6, 2011 05:42 pm at 5:42 pm |
  10. bill

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

    August 6, 2011 05:43 pm at 5:43 pm |
  11. farquar

    rquar 21 minutes ago
    They are just one more mouthpiece of the hydra-headed initiative by the Owners to drive 90% of us down so far economically that we will be grateful to be their slaves, and fight each other for their leftovers. Isn't it their right? After all they did have the foresight to be rich (or their parents or grand parents did, anyway) or got lucky enough to win a seat at the boardroom table. It is just too bad if you were so dumb as to not pick rich parents, or to work in one of the plants they sent overseas; or in a business they didn't choose to support...just shut up and try to feed your family on your unemployment checks or Social Security; until they take those away too....And here is a hint for you loudmouth, ignorant bully-boys: only 2-3% will be on will be fortunate just be their tame Dobermans. If you are lucky, they will remember to feed and water your kids. Ayn Rand would have told them to just let you die...

    August 6, 2011 05:48 pm at 5:48 pm |
  12. MaryM555

    Who cares what bachmann says, she and the TP are extreme right wing nut jobs. Bachmann wont win anything and the TP in the house will be gone next elections. Be sure to watch the RECALL elections in Wisconsin next week.

    August 6, 2011 05:50 pm at 5:50 pm |
  13. James

    Anybody who read or watch news from around the world realizes that we are in a difficult period affecting most advanced countries. Those countries like Canada & Australia are able to deal with the economic woes better because they have the natural resourses that India & China want. There is no easy solutions for probems that have been decades in the making due mostly to greed and wanting to have more of everything. We, in the developed countries must be prepared to live with much less and the sooner we realize that happiness does not go hand in hand with having more, the better we will all be. Stop trying to lay blame. Obama is not God!!!

    August 6, 2011 05:51 pm at 5:51 pm |
  14. w l jones

    Look like the the Republican have a problem with being a good leader nor a follower when it become to help running our government. Bless.

    August 6, 2011 05:52 pm at 5:52 pm |
  15. Debbie

    Easy to place blame while you sit on the sidelines during the game and then play Monday morning quarterback. I'm done with candidates blaming and tons of rhetoric and no action. The economy began to drag under Bush. I have not decided if Bush was that dumb and a puppet to Cheney or if he was the awaited Deceiver. So done with trickle down economics. So done with the TEAParty who are Tory's. Just done with all politicians. It may require an American style French Revolution.

    August 6, 2011 05:52 pm at 5:52 pm |
  16. lando

    I totally agree with S& P........there should be cutbacks...YES of Rebublibans and its in the fortcominbg elections...lets UNITE and bring back the middle class...

    August 6, 2011 05:55 pm at 5:55 pm |
  17. alpha

    You are a pile of crap Bachmann! You will never be president!

    August 6, 2011 05:56 pm at 5:56 pm |
  18. Ted

    ...Governor Perry is the ONLY Person in American Contenders that is Fit for the job of U.S. President....By GOD'S Grace he WILL be Elected.....Barrack Obama is a Punishment placed on America to Humble us and Bring His Created Nation back to GOD...America...with Obama and Demonic Leftists have Tuned America into a Hedonistic..Debauchery Sodom and Babylon..with Every Evil here and throughout the World ...Pray for America...Pray for Rick Perry...

    August 6, 2011 06:04 pm at 6:04 pm |
  19. yoyolite

    The GOP and tea baggers should be proud. They were warned about the down grade but chjse to ignore it because they wanted Obama to fail. The jokes on them. 2012 and beyiond all tea baggers are going home!!

    August 6, 2011 06:05 pm at 6:05 pm |
  20. Anthony

    Great, Republicans are now blaming Obama for things that would have happened even if they were in charge. S&P would have lowered our credit rating if Republicans had forced the government to default, because a lower credit rating is what you get when you cannot make payments on your debt. Still think that a government default is not a big deal, Republicans?

    August 6, 2011 06:06 pm at 6:06 pm |
  21. amarjit

    Debates & discussions over the last months , weeks & days have stripped naked all the Congressmen & Senate members of their loyalty to constitution & people of America or party pledges undertaken before election in November, 2010. American people are very well aware & alert to this false propaganda & publicity undertaken by the irresponsible politicians in & out of Congress & Senate. Nobody can mislead American people who have better means & technology to evaluate their leaders than any other country on earth.

    August 6, 2011 06:08 pm at 6:08 pm |
  22. halito

    What a joke – everyone in politics are to blame.

    August 6, 2011 06:16 pm at 6:16 pm |
  23. ggibson

    The funny thing is CNN did not mention the one candidate that did NOT play the childish game of blaming Obama. Ron Paul blamed decades of REPUBLICAN AND DEMOCRAT foreign and domestic irresponsible policies for this situation.

    Instead of an honest free market where the government prosecutes fraud from the large and the small alike we have a government that is bought off by the large to give it special advantage against the small.

    August 6, 2011 06:16 pm at 6:16 pm |
  24. Kent

    Again. The Repugnants will not be accountable for ANYTHING!

    August 6, 2011 06:17 pm at 6:17 pm |
  25. Indy

    The dude that blew the surplus and waged two unfunded wars and gave billions to the rich owns 80% of the blame, then a non functiong Republican party that refused to do anything but say NO except to the Tea Party owns a huge part of the problem and Obama owns some because the Republicans were very clear that they wanted Obama to fail and they did not care that they took the rest of the country with them. Obama is doing very Presidential work today with the massive loss of troops and the Republicans will be out bashing the sitting President with their lies and hate. God Bless the families and all that serve.

    August 6, 2011 06:20 pm at 6:20 pm |
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