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. danel

    I think these repugs forget something..we are not stupid, we know what's going on. They can point their fingers until the cows come home. The fact remains: You help caused these mess. It's time to stop blaming each other to gain political points. Help this country first.

    August 6, 2011 08:16 pm at 8:16 pm |
  2. Christiannx

    Its only because the GOP (Greed Over People) is trying to divert away the fact that all their kicking and screaming in Congress over the debt ceiling, on the wealthy and big businesses behalf, only cost us time that was unwarranted and unnecessary. And if they take office in 2012 this country will be a debt cesspool full of nothing but backwards fundamentalism.

    August 6, 2011 08:21 pm at 8:21 pm |
  3. wyoung

    GOP ignorance continues to role... didn't S&P ask for taxes and it was the GOP who said no? Why does the GOP think the United States is above the rest of the world. It's easy to see that too many of them are racist, but they are also White supremacist and think the country they want to "take back" is a White one and above the rest of the world . . .while the world is striking back.

    August 6, 2011 08:25 pm at 8:25 pm |
  4. RealAKn

    John Boehner failed. He's the speaker for the whole house. As such, he could have introduced a plan early which could have won sufficient votes from the reasonable republicans (the non-tea party nutbags) in the house and would have been acceptable to a sufficient number of democrats to pass.

    Instead he let the house majority leader control the conversation.

    The Tea Party has made this Independent a Democrat. And they should care. I haven't missed an election in 34 years.

    August 6, 2011 08:32 pm at 8:32 pm |
  5. Richard Larson

    There should be a new Constitutional Amendment that would have the effect of immediately sequestering the pay of both Senators and Congressmen/women if they haven't submitted a balanced budget prior to 1 August, and that pay be withheld until such time as the President sign the Appropriations Bills. Just maybe then there would be a little pressure brought to the process that maybe some of the egregious BS will stop and people will remember that they are all AMERICANS.

    August 6, 2011 08:47 pm at 8:47 pm |
  6. Robert

    So Mit, what is your grand idea? My guess is it will look a lot like what Obama tried to do before the Teabaggers held us all hostage. But as soon as the same idea comes a from a Repub, it will be BRILLIANT. We want our president to have ideas not just criticism. If Boehner would have done the responsible thing and met Obama even 1/4 of the way, the grand bargain would have come together, and this down grade would not have been issued. But that would result in a positive to Obama, and we cannot have that! The Teabaggers main objective is to bring down Obama regardless of the impact on the country. Shame!

    August 6, 2011 08:51 pm at 8:51 pm |
  7. John

    Compromise and closed door deal making in the congress with WH got us in this mess. We got a 14 T dollars debt problem and only 21B dollar reduction this fiscal year the president and congress. With the recent compromise, american debt will be closer to 23T dollars by 2021. It is unsustainable. The President's unsubstantiated (unscored) plan of 4T dollars of reduction would actually increased the debt to 29T dollars by 2021. No one is actually making any reduction on debt. CNN and leftist (democrats) are blaming the people (Tea Party) who were right abt this issue for past two yrs. No one is listening to them including the republicans. People who love this country need stand behind the priciple of smaller govt and free enterprise economy. Cut means Cut, No Gimics. Only Tea Party have true facts and real solution to America's debt problem.

    August 6, 2011 08:58 pm at 8:58 pm |
  8. brandon

    this cannot be Dear Leader's fault! Obama is blameless!

    August 6, 2011 09:06 pm at 9:06 pm |
  9. wallaby

    Not sure it matters who is president any more. As long as Washington is allowed to conduct business as usual with no term limits on Congress and lobbyists paying them off, I'm guessing this will be the same no matter who we vote for.

    August 6, 2011 09:10 pm at 9:10 pm |
  10. Anonymous

    Funny how Obama took the country down in 2.5 years.....please....short term memory for so many....

    August 6, 2011 09:10 pm at 9:10 pm |
  11. Randy, San Francisco

    When credit card and mortgage interest rates go up, blame the extremist Tea Party hobbits for holding this country hostage. Blame the GOP for allowing a vocal extreme minority for taking over the party.

    August 6, 2011 09:12 pm at 9:12 pm |
  12. Ronald Reagan Fan

    I have been a republican all my life but I am disgusted by these far right candidates. Bachmann and Romney both supported the game they played with the debt ceiling and then even came out and said that they wanted the government to default because Obama was lying and nothing was going to happen. Now they want to say it is Obamas fault that one agency downgraded us to an AA rating. If we had done what they wanted to do, all agencies would have downgraded us even further. It is amazing that this new Republican party candidate does not care at all for the facts of the past. We have to admit when we make mistakes or we will never learn and grow. The tax cuts of Bush and now Obama did not work on fixing the economy, we now know that taking the debt ceiling hostage was a mistake and not extending the debt ceiling like the tea party, Bachmann and Romney wanted to do would have been a catastrophe. Take responsibility for your mistake and I would respect you. Blame Obama and you are a joke.

    August 6, 2011 09:13 pm at 9:13 pm |
  13. Mike

    Sorry GOP hopefuls. Your party of obstructionists, who's primary goal since 2008 has been to make sure that our President doesn't get re-elected, has brought us to this point by blocking economic recovery and blocking debt reduction, amongst other things. You broke it, now YOU own it! Don't try to shirk your responsibility again!

    August 6, 2011 09:18 pm at 9:18 pm |
  14. Laurie

    Who in the world are they kidding?! Do they not understand that it was the Congress' job to raise the ceiling, not the President's? Do they not understand that it was Congress' ridiculous actions that led the the S&P making this decision?! They still don't get it. They need to quit laying blame and get to work on jobs etc. so our economy can get back in shape. And, I believe every representative and senator should be working (not campaigning, not raising money for their own or others' campaigns) 5 days a week, from 9 to 5. I understand they get to work on Tuesday and leave most of the time on Thursday. No wonder they can't get anything done. Get to work!!

    August 6, 2011 09:21 pm at 9:21 pm |
  15. Aaron

    Obama is as spineless as a jellyfish giving into the Repubs at every turn, but these freaking Repubs are hypocrites. They get what they want, then scream its someone else's fault. And, that Bachmann nut, what does she think the S&P rating would be if the debt ceiling wasn't raised and the U.S. defaulted on its debt payments? Unbelievable.

    August 6, 2011 09:39 pm at 9:39 pm |
  16. Philojazz

    Hey, Mitt, maybe Rick Perry will let you join him and pray for a new solution! Yeah, good luck with that one.

    August 6, 2011 09:41 pm at 9:41 pm |
  17. David

    The Republicans are just as guilty as the democrats... common people. You can't put the blame on a party that is running this country at this very moment. This issue stems back many many years. It has been ongoing. It just so happened the ruling party in this country just so happened to get the brunt of it. Wake up Washington! Stop pointing fingers and be the think tanks your suppose to be.... isn't that why we voted you all in?

    August 6, 2011 09:43 pm at 9:43 pm |
  18. Root and stem

    Mr. Obama is simply "working his will" with America. Rape the economy and grin like a chesire cat.

    August 6, 2011 09:51 pm at 9:51 pm |
  19. telrider

    Let's don't forget to thank tea baggers and Republicans for it too.

    August 6, 2011 10:00 pm at 10:00 pm |
  20. CBR

    The blame game will get us nowhere. Both political parties share the blame. The Democrats had the chance to put the house back in order and failed. The Republicans did nothing but stall for months on end which was their way of making things worse. If the economy is bad, Obama will be lamed, and he will become a one-term President.
    The candidates had no solutions before and they have none now. It is simply grandstanding.

    Perhaps now we can all work together to start fixing the problems. Let's shift our focus to the United States and how we can correct the flaws which got us here. Start by no more pork. Take away meaningless subsidies and get people working for the assistance they might receive.

    August 6, 2011 10:02 pm at 10:02 pm |
  21. trex

    ....SAVE the RICH............VOTE GOP

    August 6, 2011 10:12 pm at 10:12 pm |
  22. TheTraveler

    What do people expect? The only thing the GOP does, and does very well, is blame others ...

    August 6, 2011 10:35 pm at 10:35 pm |
  23. TheTraveler

    What's that noise I hear? Sound like the last gasps of a dying political party....The GOP are washed up, kaput, done in ... There isn't a shred of credibility left in them and the sad part is, they know it.
    Mitt Romney and his criticisms, like those of Michell Bachmann for hollow and self-serving.
    The Republicans have driven this country to the brink of ruination and if they are allowed to gain power again, it's "game over" for the US ...

    August 6, 2011 10:41 pm at 10:41 pm |
  24. Sue

    When the Democrats took control of Congress, the unemployment rate was only 4.6%. After Bush being in office for 6 years-and afer 9/11, a tsunami, floods, hurricanes, etc.--the unemploymetn rate was only 4.6%--Obama's blame Bush, tsunamis, Arab Spring, jock itch, etc.--is NOT going to work this time.

    August 6, 2011 10:43 pm at 10:43 pm |
  25. KO

    The current focus on the debt "crisis" is entirely the GOP's fault, and preventing Congress and the President from focusing on job creation. The Tea Party and the GOP are killing the economy, and the country.

    August 6, 2011 10:52 pm at 10:52 pm |
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