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. CJPA

    If the Republicans and Teabaggers ever get out of Kindergarten, they will see how blatant they are in protecting their millionnaire campaign donors and corporate sponsors from paying their fair share. Who do they think they're fooling - the job creators, my patooti! If that's the case, where the heck are the jobs?? Their greed is only overshadowed by their disregard of and contempt for people who have less - not just the poor but the disappearing middle class!! A pox on all their houses!

    August 6, 2011 06:24 pm at 6:24 pm |
  2. Dave

    So the GOP places the blame on President Obama, hey what a surprise! Well here's a little surprise for you. Since this president has been in office virtually every piece of legislation that he has tried to push thru the house has been obstructed by you people to the point that he has had to "modify" everything by caving in to the demands of the GOP and the Tea baggers (ie; smaller stimulus than required, no taxing of the very rich, etc...). This means that the GOP "owns" this economy every bit as much as this president does. Hey, that means you Ms. Bachman!

    August 6, 2011 06:29 pm at 6:29 pm |
  3. woodrow

    GOP is full of it. They created this mess. And it's just blatantly obvious. So saying this just makes them look stupider. They need to work on doing something about unemployment. Do their jobs. Then worry about votes.

    August 6, 2011 06:29 pm at 6:29 pm |
  4. Tbard

    It was Obama’s fault in the sense that he didn’t use the 14th amendment a month ago – let the “party of NO” take him to court – it would have given them something to focus on other than destroying the country. No need to fear impeachment…impeachment is just a word!

    August 6, 2011 06:41 pm at 6:41 pm |
  5. Greg

    I call Bull on tea party mike. It was the teabaggers that caused this for refusing to negotiate. It's their way or the highway. This country has a history of compromise and teabaggers act like they own this country. You and your ilk are the most dangerous and worse thing to happen to this country in years. You are making a mockery of our political system. The sooner morons like you fade away the better shape this country would be in. Did you read the report. It had nothing to do with our financial situation and everything to do with our politics and your lack to deal in good faith. What an idiot. You are at fault. You will do anything to make sure Obama doesn't get re-elected on the backs of Americans. It's treason and nothing less. You are domestic terrorist.

    August 6, 2011 06:46 pm at 6:46 pm |
  6. Heywood

    @Tea Party Mike- Are you paid for the drivel you spew, or just retarded? The government you hate will help you if it is the latter.

    August 6, 2011 06:47 pm at 6:47 pm |
  7. m1983

    There a lot of blame to go around, but the person who should be blame the most is House Speaker John Beohner, who
    is so afraid of the Tea Party that he just did not want to compromise on anything. These Tea Party freshman came to
    Washington for one reason only to try to bring down the President, little they knew they will bring down the country in
    the process. JOHN BEOHNER been in Washington for years, he should put the country first even if it mean putting his
    job on the line. These Tea Party member of Congress don't care if they are election next year, they want to do as much
    damage as they possibly can while they are there. The President don't get a pass either.

    August 6, 2011 06:48 pm at 6:48 pm |
  8. trashcup

    There's only one reason why S&P downgraded the USA – TEA PARTY. They WANTED the crisis to happen – they said nothing would happen. WRONG. If the TEA PARTY had stayed out of the conversation, the debt ceiling would have passed and Congress could have worked TOGETHER to get our economy back on track. TEA PARTY candidates and congressmen head the warning – you WILL be voted OUT in 2012. America is tired of having a minority party trying to run this country into the ground. Good bye Tea Baggers.

    August 6, 2011 06:50 pm at 6:50 pm |
  9. S.positive

    TEA Party + Republicans = American Cancer
    TEA Party + Republicans = American Cancer
    TEA Party + Republicans = American Cancer
    TEA Party + Republicans = American Cancer
    TEA Party + Republicans = American Cancer

    August 6, 2011 06:58 pm at 6:58 pm |
  10. Bob (Illinois)

    It is absurd to think that the loss of the AAA rating is the fault of President Obama!

    I'd say ALL parties are to blame but especially the House Republicans.

    August 6, 2011 07:01 pm at 7:01 pm |
  11. Brownie2

    A true leader who loves this country would be calling for us to work together to get out of this mess...not playing the blame game. We are in crisis and these three are doing exactly what helped get us into the mess. They should all be ashamed. They seem to have forgotten the TEN TRILLION dollars that George Bush spent.

    August 6, 2011 07:09 pm at 7:09 pm |
  12. kateslate

    Oh, Michelle, Michelle, Michelle.....if only your passionate opinion had been expressed while W was president, we might be convinced that you actually believe what you are saying and it is not simply partisan in nature or maybe just racist ranting. Oh, by the way, your husband is gay. His history tells us he is only a matter of time before his former lovers start telling their stories or are exposed. He is as gay as the day is long. Reality sucks, but we must accept it.

    August 6, 2011 07:12 pm at 7:12 pm |
  13. Mike

    It takes remarkable gall to blame Obama for this whan it was Tea party-led intransigence and manufacturing of a debt limit crisis that was quoted by S&P as a major factor in their decision. Obama also put a $4 trillion package of debt reduction on the table that would have satisfied all the criteria for maintaining AAA rating, and even Boehner was ready to accept it, but Tea Party extremists prevented the deal.

    August 6, 2011 07:13 pm at 7:13 pm |
  14. barbarasamburu

    Still acting like children. Then if that is the case take a time out and shutup!

    August 6, 2011 07:29 pm at 7:29 pm |
  15. clarke

    I am not going to vote for another GOPER again . I am fed up after 50 years, so I am a slow learner. That is right, blame me, It's my fault.

    August 6, 2011 07:31 pm at 7:31 pm |
  16. jesor

    Stop global warming...shut up the hot air coming from Bachman

    August 6, 2011 07:32 pm at 7:32 pm |
  17. edpeters101

    It's not about the debt. It's about the way the GOP holds things hostage to get their way! It's the economy STUPIDs!!!

    August 6, 2011 07:51 pm at 7:51 pm |
  18. Danny

    As usual.. The Republicans have to quickly blame someone else for a mess they themselves caused.

    August 6, 2011 07:52 pm at 7:52 pm |
  19. obsthetimes

    These gop guys should be 'exported' to a triple AAA country since they're only interested in finger pointing. Obviously they're like rats deserting a sinking ship...

    August 6, 2011 07:55 pm at 7:55 pm |
  20. Charlie in Maine

    There are three groups to balme for this:
    1. The Tea Party for forcing Bonhner out of good faith negotiation.
    2. The GOP for letting this monster they created try to kill the economy
    3. Anyone who agrees with the first two and did not bother to vote in the last election.
    All that is needed for evil to win is for decent folks to do nothing. Don't be one of them in the next election.

    August 6, 2011 07:59 pm at 7:59 pm |
  21. JJ

    From the S&P release ...

    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 08:02 pm at 8:02 pm |
  22. independent

    It is going to cost us millions because of the credit downgrade. That downgrade is due to Republican intransigence about revenue. No one is talking about raising taxes. Just bring back the tax rates of the 1990s. Not only will we get back our AAA rating, we'll return to the surplus years. Dump the tea party into the harbor.

    August 6, 2011 08:05 pm at 8:05 pm |
  23. carly

    unbelievable. it was the Republicans who manufactured the debt ceiling crises that resulted in this downgrade. every one of them should be voted out of office before they destroy this country.

    August 6, 2011 08:07 pm at 8:07 pm |
  24. Avonlea

    OMG, did Romney even read what S&P said before he went off half cocked? S&P also cited dysfunctional policymaking in Washington as a factor in the downgrade. "The political brinksmanship of recent months highlights what we see as America's governance and policymaking becoming less stable, less effective, and less predictable than what we previously believed." I believe they also say this goes back to the previous administration's policies.

    August 6, 2011 08:09 pm at 8:09 pm |
  25. Asmith1

    Political parties continue to trade blame.

    After all this, and they STILL don't get it. Neither party's plan – on its own – was any good.

    A functioning congress would lay both on the table, pull the best from both. discard the rest, and then work with the combined plan – as a one tier plan, not a multi-tier.

    We have a dysfunctional congress and if they are still trading barbs then we can expect 17 months of gridlock and perhaps even another credit downgrade.

    When are these men and women going to figure out – this debt control plan is not about them, or their party agenda - it's about the country.

    If they've lost sight of that, than the country will do better if they all just stay home.

    August 6, 2011 08:14 pm at 8:14 pm |
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