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. Marry

    Tell my one time they have not criticized the President? GOP/TP: the party of “NO”!!!! NO solutions, NO accepting of facts, NO concern for the country, NO compromise, NO respect, NO class, NO shame!!! We have seen enough!

    August 6, 2011 09:42 am at 9:42 am |
  2. FedUp

    There is no blame to lay on anyone but President Obama. It happened on his watch and under his pet programs. The buck stops there. Congratulations! Good job Mr. President.

    August 6, 2011 09:43 am at 9:43 am |
  3. berry

    What in the -are they talking about???? These are the very "Cultist" that created the most "Instable" Congress in History??? The Gop/TP have "Ripped" Americas Reputation so Bad, S&P said, We can,t "Trust these Rag-Tag Teabaggers Destructionist, "They are "Hell Bent on Financial terror of America?? How can the World trust them?? Americans sure the hell can,t!!!!! They see "Stupid" infiltrating our Government! TeaGop= Gone 2012!!!

    August 6, 2011 09:45 am at 9:45 am |
  4. Tony in Maine

    S&P says on their website that the problem is the newly announced (by McConnell & Freres) GOP policy of taking vital policy hostage in order to get their way. S&P says this does not make for stability in US policy making. Sadly, the shills in the media are parroting as fact the right wing meme that it's all Obama's fault.

    I expect REpublicans to be dirty rotten liars, but I do wish journalists would take the time to Google S&P's statement to find out what they said. Sure, they're in favor of cutting – Goldman told them to be in favor of cuts, BUT, the reason they downgraded the US bond rating is because of the new GOP policy of taking hostages to force the GOP agenda.

    It takes 5 minutes on a public computer folks, never mind the latte is going cold.

    August 6, 2011 09:45 am at 9:45 am |
  5. Richard

    Typical rethuglican responses. They've created this problem and as always trying to shift the blame. I believe the independent voters are way ahead of romney and his ilk. We shall see if a cult follower is going to just get his party's nomination. I don't think the evangelicals want his kind of religion i the White House.

    August 6, 2011 09:46 am at 9:46 am |
  6. beevee

    It is not Obama's failed economic policies that brought down the credit rating by S & P, it is the previous administration's flawed policies that never went away. You idiots know it and still want to blame the Obama administration. You will be no better when it comes to your turn, empty talk is very easy.

    August 6, 2011 09:46 am at 9:46 am |
  7. David

    I just love how this whole mess has been laid at Barak Obama's feet! I mean it's laughable. On one hand we have a rating agency that was equally culpable in the latest financial debacle downgrading our credit standing. Were these not the same people that gave triple AAA ratings to the credit default swaps! Then we have the tea baggers. OH MY WORD..... ignorance is bliss they say so these folks should be on cloud nine!! The tea party folks don't realize that the stunt they pulled the last few months and then the deal that they ultimately held out for are job killers!!

    Wake up folks! It's not the Dems or moderate GOPers or left wing liberal organizations no it's much worse!!

    Our problems stem from the fact that the top 1% has bought and paid for the GOP. For the last 50 years or more there is a large segment of middle class socially conservative folks that beleieve the GOP stands for their beliefs and principles and yet the GOP has for the last 50 or more years voted every time against this groups interests!


    August 6, 2011 09:46 am at 9:46 am |
  8. Ronald Loggins

    Blamimg the President on this is clear proof that we have people in this country who are ignoring the facts whic are as follows. The President interupted the daily Press room meetings on three or more occasions telling the Congress that he would have like to tackle the deficite issue with a plan that would cut 4.2 trillion over 10 years and with about 900 billion of that being tax reform. The Republican congress said NO, this lead to the last minute compromise that settled NOTHING except raising the debt limit immediately and postponing all other diffucult decisions. IF you MUST blame anyone it is the inexperienced subborn New Republican Congressmen/women who seem to live in a vacuum in which they believe their solution is the only and best solution. THEY ARE INCORRECT and they are only making matters worst. Frankly I am glad the US Rating was lowered, now maybe, just maybe some of these new members realize how important it is to COMPROMISE when the WHOLE WORLD is watching.

    August 6, 2011 09:47 am at 9:47 am |
  9. otlset

    Incompetent Obama is ruining our country! He laughs and dances it up at his hip-hop BBQ party while the country sinks! WORST president ever! Nero fiddles while Rome burns! Disgusting how Bammy and the Dems are trashing America. HE MUST BE REMOVED IN 2012 FOR THE SAKE OF THE COUNTRY!

    August 6, 2011 09:48 am at 9:48 am |
  10. Marty, FL

    Typical politicians. Throwing stones in glass houses. Both sides hold responsibility in this rating, which was part of the point in the S&P report.

    It seems no coincidence that this is the first time irresponsible tea nonsense in our governmenet pushed America to the brink of default. Then, "leaders" such as Sen. McConnell somehow said we should expect this nonsense every time the debt ceiling debate is brought up going forward. Where is the confidence in that?!

    Both sides have to compromise. Medicare & SS have to be reformed with higher retirement age over an extended period time AND increased revenues supported by the majority of Americans.

    August 6, 2011 09:49 am at 9:49 am |
  11. Political Theatre

    All of these parasites don't have the first clue. I suppose they figure sound bites will get them elected!

    August 6, 2011 09:51 am at 9:51 am |
  12. Rick McDaniel

    They did not do enough, to curtail the spending. They knew better, and they didn't fight hard enough to stop the spending.

    That makes them just as complicit in the downgrade.......well Obama is.

    August 6, 2011 09:51 am at 9:51 am |
  13. Chumlee

    Put these clowns all together and you = IDIOTS

    August 6, 2011 09:52 am at 9:52 am |
  14. The Dude

    Slam the president after your obstructionism destroys the Country. EFFF Off GOP.

    August 6, 2011 09:52 am at 9:52 am |
  15. Chris

    These tea party republicans actually have the nerve now to try and blame this fiasco on Obama? Unreal. Everyone knows that the blame is squarely on the republican's shoulders and that will become very obvious to them in the 2012 elections. They are only all for protecting the rich and making the rich richer at the expense of the average, middle class American. Please vote them ALL out in 2012!!!

    August 6, 2011 09:53 am at 9:53 am |
  16. Jason

    The reason they downgraded is because of no revenue coming in. The revenue to GDP is the lowest it has been in 50 years. We can thank the Repubicans and Tea party from protecting the rich and corporations from paying their fair share for this.

    August 6, 2011 09:53 am at 9:53 am |
  17. Frank

    What a ludicrous joke! The GOP invented the crisis, refused to let the Bush tax cuts expire last December, and now blame the President! The right wing is setting new records for political hypocrisy!

    August 6, 2011 09:53 am at 9:53 am |
  18. LG

    Are we to think Standard & Poor's has any credibility? They gave Triple "A" ratings to toxic assets, make a $2 trillion dollar mistake in their analysis. I think they are trying to effect political outcomes with thier financial rating.

    August 6, 2011 09:54 am at 9:54 am |
  19. AmericanSam

    Everyone blames someone else. We will never really have the true culprits admit they were wrong.

    August 6, 2011 09:54 am at 9:54 am |
  20. Leo

    If I understand correctly, it was the Republicans that wanted to keep from raising taxes on the rich. S&P said if that would have happened, then they wouldn't have lowered the rating, so don't blame Obama for your mistake republicans.

    August 6, 2011 09:54 am at 9:54 am |
  21. cornelius

    Really?! Seriously?! Laying Blame on Obama to make themselves look better for the sake of 2012... I'm just grateful we have Obama in office. I find it extraordinarily hard to believe that the situation wouldn't be exponentially worse if any one of these 2-bit GOP hacks was in office. The biggest failure as far as economic policy I can see is not ending the Bush era tax cuts. The "Trickle Down" thing is blatantly ineffective. Rich people's money doesn't trickle anywhere, it comes right back to them...that's why they're rich. It's called Return On Investment. I mean, the Bush tax cuts have been in place for a decade now with the intention that the wealthy would use that extra money to create jobs. Gee...I don't see any jobs, do you?

    August 6, 2011 09:55 am at 9:55 am |
  22. diogenes

    It is beyond the pale that these people blame the President for the debacle that the Tea Party (some of whose policies these candidates adhere to) has created. The debt ceiling was held political hostage by these freshmen congressmen, who stated numerous times publicly that downgrades and default was OK with them.
    Democrats may not be everyones cup of tea, but the current republican party would rather see full unemployment and the destruction of the economy rather than see Obama succeed in anything. As Mitch McConnell has stated, "our goal is to see that he is a one term President".
    I used to think that any working class citizen that voted for the Tea Party or Republicans were voting against their self interest, now I think that even business owners would be doing so. The policies of the CURRENT republican party are simply destructive to America!
    I know the Democrats are feckless, but at least they believe in government FOR the people.
    We do not need to get rid of them all as some say, but make those govern us better citizens themselves.
    Government can be good, it is up to the citizens to see to that by being informed.

    August 6, 2011 09:56 am at 9:56 am |
  23. Guest

    That's all Bachman knows what to do – slam the president. If anyone is to blame it is the Tea Party. They held this country hostage during the debt ceiling debate by refusing to act like adults and compromise. They are the ones that wanted to let this country default so they could get their way. They are the ones that will eventually spark civil unrest in our country. Tea Party = Patriots? I think not.

    August 6, 2011 09:56 am at 9:56 am |
  24. Kwesoe

    Some people,
    Some stand and look,
    At what others do,
    Then they come and say,
    How it ought to be.
    To them, the world is never right.

    August 6, 2011 09:56 am at 9:56 am |
  25. Myron8160

    The things the gopbaggers will do just to make the half white half black president A ONE TERM PRESIDENT god help us all

    August 6, 2011 09:56 am at 9:56 am |
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