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. Don

    Republicans drove this to the last minute got 90% of what they wanted and this happens. It's your unwillingness to work with others and find compromise that caused this. They've been bragging how their holding the nation hostage approach worked ya it worked out well didn't it? Morons!

    August 6, 2011 10:25 am at 10:25 am |
  2. testerbill

    A large share of the deficeit was run up when Republicans were in the White House, and they now control the House. Budgets are set and approved by the House. If the House did its job, we would not need a balanced budget amendment they plead for. And they had months to address this problem in the House and did not do so. That is why we had a bad decision at the last moment.

    August 6, 2011 10:25 am at 10:25 am |
  3. Guest

    Wow, the fact that Congress couldn't resolve its internal conflict had NOTHING to do with this, huh?

    August 6, 2011 10:27 am at 10:27 am |
  4. clarke

    Blame, blame and more blame. Let's try something new, work together, be pro active, put together a soluation. You can sit there and blame others tell the cows come home. My children blame each other for everything, you people are not children, you are supposed to be leaders and set examples.

    August 6, 2011 10:28 am at 10:28 am |
  5. Myron8160

    Yea american are going to slam somebody but it wont be obama and thatall i got to say 2012

    August 6, 2011 10:28 am at 10:28 am |
  6. duckbutter

    obama is doing to america what hoover did but worse

    August 6, 2011 10:29 am at 10:29 am |
  7. corona kid

    The Republicans are the ones who let the world know that they were fine with a default of the US debt. They also are the ones who said they would never allow federal revenue to increase no matter what. They caused the down grade of our credit rating and now they are going to blame Obama. Outrageous. Now we will see whether or not the pundits have any ability to speak the truth to the American people.

    August 6, 2011 10:31 am at 10:31 am |
  8. Bob

    Imagine to what level S&P would downgrade our credit rating if Bachman became president!

    August 6, 2011 10:32 am at 10:32 am |
  9. Oldie in TampaBay

    your anger, Mr Romney, is highly MISplaced! The GOP & the tea party created this mess! Wait for election time ..

    August 6, 2011 10:32 am at 10:32 am |
  10. kakaraka

    Really, isn't the republicans responsible for this by manufacturing a debt ceiling crisis? You republicans are the most stupid and anormal people I ever seen on earth. US credit downgrading, this is what you want right, you got it. But do not blame a president for it, ok?

    August 6, 2011 10:33 am at 10:33 am |
  11. danielson

    This would be laughable if it weren't so darned pathetic. Republicans soundly REJECT the deal that S&P says would have prevented the downgrade (that would be the 4 Trillion "grand bargain" from three weeks ago)...and then blame Obama for the fallout. I'd have dropped the "+" simply because one of these myopic bubbleheads is going to be the next republican presidential candidate–a country this blatantly dumb can't possibly fix it's own plumbing.

    9-11 happened on Bush's watch. Great recession 1, two wars (one completely illegal), prescription drug boondoggle, and the calamitous Patriot Act (all completely unfunded by a Republican congress–all put squarely on the shoulders of national debt)...all happened on Bush's watch. But that's ancient history, right? The same zipperheads now decrying the problem are the ones equally if not largely responsible for creating it in the first place.

    Just once I'd like to see a crisis handled by "let's do something" rather than "it's all their fault". But that's too much to ask of leaders and candidates all vying for taxpayer-paid jobs and pensions, right?

    August 6, 2011 10:34 am at 10:34 am |
  12. tet1953

    Oh, so now Mitt finds his voice. And people like Bachmann, who are the real cause of this downgrade, accept no responsibility for it. Truly pathetic.

    August 6, 2011 10:35 am at 10:35 am |
  13. kate

    Typical of the GOP – take no responsibility for anything that happens in Washington. Our leaders are equally responsible for what happens in this country and failure to deal with serious issues in a serious way has now resulted in the downgrade. Since when did compromise become a dirty word – did you raise your children to say its my way or the highway. While the country may be divided we are united in wanting this congress to get together and function – or get out.
    Your mothers would be proud of your inability to get anything done and your sacrificing of the well being of the nation for your own selfish political ambitions – way to go Washington.

    August 6, 2011 10:36 am at 10:36 am |
  14. Bill R in Oakland

    This manufactured crisis should have never happened in the first place. John Boehner walked away from a $4T deal offered to him by Obama but because it had some revenues in there (closing loopholes on corporate jets and eliminating oil subsidies), it was unpalatable to the Tea Party. Now all of us will pay a completely unnecessary ransom for the hostage-taking well after the fact.

    August 6, 2011 10:36 am at 10:36 am |
  15. Johnfrom Boston

    1.) I did not hear a peep out of Romney during the debt debate. Easy to be a Monday mornign quarterback
    2.) Once again CNN does not cover Ron Paul , who is the only candidate with half a clue as to how an economy really works.
    3.) our credit rating is a function of decades of irresponsible borrowing and spending, not one deal reached last week.

    August 6, 2011 10:36 am at 10:36 am |
  16. Shannon

    We know who to blame, John Boehner came out after we were all held hostage by the tea baggers, and said with a smirk on his face, we got 98% of what we wanted. This downgrade was a direct result according to S&P of that deal. So yes the Republicans are to blame, I hope they are enjoying their month off, while they have caused hardship for the rest of America, those of us that work hard, have to compromise, and make tuff decisions everyday.

    August 6, 2011 10:37 am at 10:37 am |
  17. mane

    This has been the republican strategy all along. The republicans were adamant in reducing the credit worthiness of the United States of America so as to blame the President of the United States of America and gain political favors. On a day when American Special forces are dying in the mountains of Afghanistan, presidential candidates of the republican party are more concerned about their political fortunes than the fortunes of the United States of America.

    August 6, 2011 10:38 am at 10:38 am |
  18. Phil T. Listener

    Typical republican tactic.
    Blame the President when they have done nothing to help undo the damage by the clown prince that brought America to its knees. Corporations are sitting on trillions, and won't spend because Washington is dysfunctional. President Obama tries hard to build consensus and compromise with people who will never work with him. And it has more to do with than just partisan politics.

    August 6, 2011 10:38 am at 10:38 am |
  19. william

    The S & P downgrade was sure to bring out one political party blaming the other. I have news for them. BOTH POLITICAL PARTIES ARE TO BLAME! Both parites have spent money that we did not have for the past 25 or more years, and any politician that uses this to blame someone else is the biggest hypocrite in American politics. EVERYONE SHARES THIS BLAME!

    August 6, 2011 10:39 am at 10:39 am |
  20. Jason

    Bachmann's ridiculousness got her the following message: Anyone representing the Tea Party should forget about any pretense of being President. You are more interested in laying false blame, than solving problems. The path to this deficit and downgrade,was laid down with two worthless wars(Obama's killing of Bin Laden, proved we should have been in Pakistan all along), and costly Medicare D plan under Bush. The events that led us further down the road to this point since, were a concerted effort on the Baggers to starve funding of the Affordable Care Act, and other Obama backed legislation, even if it meant killing the economy, and The People's livelihoods.I can think of nothing more un-American. Lastly, everyone knows that the squeaky wheel gets the grease. So of course, if we screamed at each other, S&P was going to give negative attention to us. So here's the downgrade! Blaming Obama gets you nowhere. :

    August 6, 2011 10:40 am at 10:40 am |
  21. Jeff,nm

    -New world order
    -take away our rights.
    -take away our jobs.
    -take away social security, unemployment benefits and medicare(thanks republicans and baggers)
    -turn Americans against each other on false premises.
    -set up a police state.
    -declare martial law.
    -FEMA concentration camp round up.

    Coming to a city near us if we don't wake up and realize the master plan being put in place by the grand deceivers, The
    Republican Party. They just keep voting them in, man. But hey, they've succeeded in making everyone think its President
    Obama's fault. President Obama lowered taxes, fixed interest rates, got Bin Laden. What are they smoking?
    If everyone wakes up and research what's really happening, it will give you goose bumps. Google new
    world order, get your noses out of each other's crouch, forget the boob of the day on tv, ban together, and stop the
    destruction , before its too late.
    Obama 2012.

    August 6, 2011 10:40 am at 10:40 am |
  22. Stephen, Fairmont WV

    Did anyone bother to let them know that one of the primary reasons they downgraded it was because we didn't raise taxes?

    August 6, 2011 10:40 am at 10:40 am |
  23. Josylad

    Let me ask one simple question. If the tea party had not held the debt ceiling increase hostage would this downgrade be in play at all? Cutting entitlements and closing loopholes in effort to raise revenue would have being a better way to deal with the crises but the tea party said NO to this. The sad thing about it all is that a good percentage of the so called tea party members are middle class and a whole a greater majority are just low income earners. So their quest to fight for the rich in tax savings makes you to wonder if they actually use their heads at all.

    August 6, 2011 10:40 am at 10:40 am |
  24. BobAD

    All of you Tea Baggers can go to ____. You have no right to call yourselves Americans while your intention is to destroy Obama at the cost to all the nation. The bulk of you are pawns ready to believe whatever is told you on the bus tours while they stand on the pulpits.

    August 6, 2011 10:41 am at 10:41 am |
  25. Rufus

    Blame who they like, but the GOP and the Tea Party really stepped in it here. Having been raised countless times in the past with no partisan posturing never approaching the levels just seen, the deb ceiling debacle will cost the right wing dearly in the next elections. If the Democrats have the guts to point it out and stand behind it.

    August 6, 2011 10:42 am at 10:42 am |
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