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. Kool Aid

    I don't care what the GOP fact, I would go as far as to say that what they've done (and will most likely continue doing as long as the Teabaggers are a significant portion of their numbers) represents a Clear and Present danger to the United States. I think it might be time to take things to the next level. In other words, as my father used to tell me about dealing with conflict, 'son, make sure you have exhausted all diplomatic means...'

    Well, I believe all diplomatic means have officially been exhausted. May sound extreme, but if you look at what is about to happen to this country as a direct result of their unjustified actions, it seems to follow as a natural consequence.

    August 6, 2011 09:57 am at 9:57 am |
  2. Stop the madness

    Yeah it's Obama's fault he took over as president after Bush put the country in a recession by spending all the surplus Clinton created on a war based on lies and deception to prove he was a better President than his daddy.

    It's Obama's fault that the tea party held the country hostage for 3 months on this and had it all over the world news.

    It's Obama's fault that the republicans refused to cooperate until the last minute to solve the problem to make a statement to the world how dedicated they are to Fighting Obama.


    If republicans and Tea Party members stopped all the posturing and general b.s. to Make the president look bad the news articles and media stories would not have run. If the republicans and tea party had cooperated like the country wanted them to this would not have happened like this. I'm sure one day it would have happened. But it happened earlier than expected because of right wing nut jobs trying to make a statement..


    August 6, 2011 09:58 am at 9:58 am |
  3. needNewGov

    My handle says it all. Both House and Senate needs to be swept clean and the lobbyists need to be out of our government.
    To have these Republican presidential candidates only criticize the President shows you that they don't really care about the people of America. It's about trying to get a great job position and making a ton of money after. Both parties are killing this country but the GOP is only in it for the money.

    August 6, 2011 09:58 am at 9:58 am |
  4. concerned democrat

    Michelle Bachman, the biggest hypocrite of the all. You are the one who did not want to vote on the debt ceiling and was one of the cheerleaders that help create all this ridculous nonsense about not voting for it and now you're trying to bash the President! You GOTPers are unbelievable! You talk out of both sides of your mouth. No wonder people are undecided about all of you! ALL OF YOU JUST GO AWAY! You're not helping, you're fearmongering. Oh wait, that's what you do the best!

    August 6, 2011 09:59 am at 9:59 am |
  5. Lost in Texas FOREVER

    yep let the finger pointing begin. I am sure that if the president had gotten his way and we had the debt ceiling raised with no issue like it has been done with the past presidents this still would have happened right? As Boehner would have said "HELL NO IT WOULDN'T"..the Tea Party and GOP have as much to blame as the POTUS and they know it. Of course the so-called 2012ers won't say it but this made up crisis could have been well adverted. As usual they do what they do best...stand on the sidelines and point fingers.

    August 6, 2011 09:59 am at 9:59 am |
  6. Ancient Texan

    Inept, incompetent administration? Yes! But it's beginning to appear that everything that is happening on Obama's watch is according to plan. Dismantling the U.S. economy in order to reframe it into the Socialist- wealth redistributing system that was indicated during the 2008 campaign.

    August 6, 2011 09:59 am at 9:59 am |
  7. zanny

    Michelle Bachman is nuts!! Does she not remember that she voted against the debt ceiling not being raised. Did any of the candidates hear the part about Republicans refusing to accept any tax revenues being included as part of the reason for the downgrade. They all have selective hearing. This was a vote against a dysfunctional Congress and their inability to act like adults.Wake up Boener and Cantor you are more at fault for this than anyone.Instead of trying to help the economy your only goal is to get the President out of office and the economy be darned.If you had raised the debt ceiloing as routine as you had 7 times under George Bush, this would not have happened but, no, you had to drag this out, and make the entire world aware of how petty anduncompromising you are. I hope the Amwerican voter will remember and vote you 2 out also.

    August 6, 2011 10:00 am at 10:00 am |
  8. Gene

    Why are GOP candidates pointing a finger at Obama after the credit downgrade? I thought they believed that we could default on our loans (by not raising the debt ceiling) and it would not cause a problem. Now, because of the thug strategies of the Tea Party morons, we now have the most ignorant members of Congress in the history of the United States. Perhaps the Tea Party members can put down their bibles long enough to read a book on economics. They might learn something.

    August 6, 2011 10:00 am at 10:00 am |
  9. Drew

    That's odd...

    Didn't S&P state that the reason for the credit downgrade was because of the Republican's obstructionist tactics in regards to the debt ceiling?

    I'll admit, I'm not that much of a fan of President Obama, however, the GOP needs to take some responsibility here... They are in part to blame also for the credit downgrade.

    August 6, 2011 10:00 am at 10:00 am |
  10. Chumlee

    Everything has a cause and effect. What Bush did for 10 years is the cause and the effect is here. Live with it people.
    Don't blame my current president. All these GOP slitherans (creepy reptiles) have no Idea or clue about how to run a country.

    August 6, 2011 10:01 am at 10:01 am |
  11. Emma

    I guess the repubs can't read S and P's explanation They don't blame the president, they Blane the republicans and the Bush tax cuts.

    August 6, 2011 10:02 am at 10:02 am |
  12. Molly Weasley

    Look carefully at what S&P said. If anyone is to blame, it's congressional Republicans. It is their unwillingness to compromise on raising revenue that got us into this mess.

    We spent a decade doing things the GOP way, and the economy grew worse and worse. We cut taxes, we had two unfunded wars - one completely unnecessary - and we ran up a huge deficit. Those things are the main drivers of the deficit. Those policies didn't create more jobs; they just made the rich much richer and the poor poorer.

    Now, every time Obama tries to do something to help the economy, Republicans stand in his way. And the GOP candidates running for president want the same failed policies of before.

    August 6, 2011 10:02 am at 10:02 am |
  13. Mike

    Failure! Failure! Failure! Maybe during the One's "weakly" radio address he should have submitted his resignation to we the people, along with the fawning mediates who contributed to our nation's debacle. Instead of increasing their wealth, taking numerous vacations, and jet setting around the world, maybe the American people finally deserve leaders with honor and integrity....yeah...I I will be called a racist. The Democrat's spending on "the helpless" among us with the unfunded mandates for those to lame and lazy to work their way up through the what use to be the greatest country in the world. I bet Stalin and Marx are smiling down on this administration with pride....

    August 6, 2011 10:02 am at 10:02 am |
  14. Debra From Georgia

    No, it was not what S & P said. They pointed at the Republicans. I Trust President Obama

    August 6, 2011 10:03 am at 10:03 am |
  15. Pat in IL

    These people are the problem....not the president. S & P has clearly stated that the messy process for raising the debt ceiling is the reason, and that, for the most part was because of the ridiculous, childish, arrogant, and just plain stupid stance of no compromise that the GOP took. When I think of the mess that Obama took on just 2 years ago, it's beyond me how anybody could think that he could fix it immediately, especially when congress is full of arrogant, racist idiots, and won't work with the president for the good of all Americans. I won't vote for any incumbent for congress, because it has gotten so out of hand.

    August 6, 2011 10:04 am at 10:04 am |
  16. Martha in CF

    Redumblicans are the party of NO. Sorry, your party is to blame.....................................Get with it and do your job. I can't wait for the next election. Let's see what happens next in Wisconsin. You and the tea party are ruining American. Now where are the jobs you promised the last election.

    August 6, 2011 10:05 am at 10:05 am |
  17. conoclast

    Gee, no republican mention of the fact that it was the tea-baggers' petulant rejection of the Obama/Boehner 'Grand Bargain'
    that drove S&P's decision. Lightweights that they are, all the GOP "candidates" can think to do is continue the worn-out blame game. Pathetic!

    August 6, 2011 10:06 am at 10:06 am |
  18. SJ

    Aren't politicians great! You can create a mess and then use it to make someone else look bad! Since it's a fact-free universe, all that matters is how loud you can shout it on the airwaves.

    August 6, 2011 10:06 am at 10:06 am |
  19. Bryan

    Someday CNN might realize that things like this wouldn't happen if they held politicians accountable. This is the direct result of children in Congress holding the debt ceiling hostage, as we came dangerously close to becoming the first solvent nation to default on its debt. But CNN publishes reports from Republican candidates blaming Obama without any context. You're an impartial news organization, but impartial doesn't mean you have to publish whatever blatant lies someone tells you just because they're running a campaign.

    August 6, 2011 10:06 am at 10:06 am |
  20. Mr T

    No the Tea Party Terrorists destroyed the credit rating. The Republicans are nothing more than traitors!

    August 6, 2011 10:07 am at 10:07 am |
  21. Anthony Watts

    Am I the only way that thinks the downgrade of the Credit is collatoral damage from Republicans holding the economy hostage. Didn't Bachman say that the credit rating wouldn't be downgraded even if we DIDN'T raise the debt ceiling. How wrong she was! It's evident from the S&P's statement on why they downgraded our credit rating that is is primarily due to the Republican House being unwilling to compromise and the hyper partisanship of Washington. I can't wait till the next election. What Republican's and the Tea Party don't understand is their actions and lack of problem solving is doing nothing more than destroying this country and energizing Independants and Democrats to mobilize against them. Their rigidity will be the catalyst for Obama's re-election and Dem's taking back the house and keeping the Senate.

    August 6, 2011 10:07 am at 10:07 am |
  22. GrogInOhio

    Hold on... House Republicans threaten default, make the credit agencies nervous and this is the president's fault? Here's a thought... instead of whining about "leadership", how about we jettison every Republican in government. That'll help more than anything.

    August 6, 2011 10:07 am at 10:07 am |
  23. ChrisTruth

    Tea Party: "Yes, we had a huge party where everyone thought it was a great idea to burn down the house. Then the whole neighborhood caught on fire and we thought that was awesome, because the neighborhood looked better in 1850. Everyone is mad at what we did? Blame it on the homeowner whose house we torched. If they didn't have that house we never could have burned down the neighborhood."

    August 6, 2011 10:07 am at 10:07 am |
  24. RetVet2011

    This is rediculous. The republicans fought tooth and nail, lock step, against any compromise.. They knew that the credit rating was going to be hurt, but that is exactly what they wanted. They deliberately threw the United States of America under the bus so that they could say the credit rating fell on Obama's watch... I know people are going to cry "the democrats don't have a plan", "both parties are at fault", or some wild diversionary straw man.. The truth is that Obama, and the democrats offered alternatives over and over again (google it), and the republicans would not budge on any thing. The republicans know that democracy is about negotiations, but they choose not to negotiate. For those who try to say that the democrats would not negotiate, that is untrue. The democrats gave the republicans most of what they wanted. The democrats simply woul d not give the republicans freedom to hurt the poor and elderly.

    August 6, 2011 10:07 am at 10:07 am |
  25. Michael Q

    GOP – look in the mirror. The enemy to blame is yourselves. Get on with the reality of your own excursions into spending and giving yourselves the tax breaks before you blame others. Bullies always cast the blame to the weakest and most vulnerable, then tell the lie over and over until more believe it. But, that's the politics for a gullible nation – you get what you deserve and it's time to get a little smart forward thinking instead of the constant rearview mirror policies that only enrich yourselves. Not going to happen, yet!

    August 6, 2011 10:08 am at 10:08 am |
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