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. helavagal

    OK GOP, Obama is not the only one to blame in this. If you had just worked together to solve key issues as they came up and not taken the country by terrorism – then the S&P would not have HAD to make this decision. Our credit rating around the world has dropped because of the lack of cooperation and the crying from the Tea Baggers. Get it in gear and get over it so that you can come up with a solution – and THAT is what we need – not some childish name calling back and forth. Be a MAN and stop scwabbling and get something DONE NOW!! Damage has been done now get to putting the fire out. Tap into some experts and AGREE on something!!!!!

    August 6, 2011 10:43 am at 10:43 am |
  2. jokerster

    I would like to tell all Repbulicans, you owe it, too!!!! With all your messing around and only thinking of the "Party" and not the people....just look in a mirror and you will see who helped....I already told my Republican Rep. that he is FIRED!!!!!!!!!!!!!

    August 6, 2011 10:44 am at 10:44 am |
  3. chelka

    Obama blames a calculation error by S&P for the downgrade.
    Obama blames Bush and everyone else for his own failures.
    Get this incompetent out of the White House and we will once again be proud, working Americans.
    Time to take to the streets and demand he resign.

    August 6, 2011 10:45 am at 10:45 am |
  4. Geoffrey in Lowell MA

    Once they passed a budget which exceeded revenue – there are only two choices. 1) Increase Debt and 2) Increase Tax. For the party of "Keep the Bush Tax cuts", questioning increasing the debt was obscene.

    The bush wars were the first in all of US history for which taxes were not increased until the war was paid for. THE FIRST. Instead Bush cut taxes, tossing some crumbs to the middle class but adding loop holes for the wealthy such that the average after loop hole percent they paid is 18%. Why Can't the Republicans recognize this mistake, this rip off and then offer a sensible and sane policy? Yes, cuts are needed too but alone, they are not sufficient. Also, the Republicans are dishonest there too – pushing for cuts that they like while keeping all sorts of wasteful expenses that they also like. They also have a short memory for some of the obscene port they passed in the Bush era.

    August 6, 2011 10:46 am at 10:46 am |
  5. Renee

    Taxs the Jobs makers

    August 6, 2011 10:47 am at 10:47 am |
  6. ABM

    They should look first at their own party and accept most of the blame as well. They need to come down from their high horse and provide details on how they WOULD handle the issue. Armchair quarterbacking is not Presidential at all. They have to make plans, offer solutions, and show that they can work with both parties to succeed in being a leader. President Obama may appear to some as weak but he is willing to compromise and not drive our country off the mountain pass when there are some who are trying their hardest to do it so they can get a vote in the next election. These Pols have to look at things long term – this is not Harry Potter's world where you can wave a wand and the solution fixes everything at once. Time to come back to reality – problems take time to get resolved.

    To be honest the election cycle needs to be restricted to the election year. Gag orders should be placed on them until the year of the election b/c they are not helping the situation. They are not in the office of President and they should not pretend to know that they have all the answers. They don't.

    I am looking forward to voting out the obstructionists in the next few election cycles.

    August 6, 2011 10:47 am at 10:47 am |
  7. RevRonsRants

    Amazing! The fright wing does everything it can to keep the president from repairing the damage they have done, and whenever evidence of that damage arises, they attribute it to his lack of leadership or sound fiscal property. They must think that the American people are really stupid and memory-challenged if they think the majority will swallow this latest sip of kool-aid! But I guess I shouldn't expect them to accept personal responsibility for their mess.

    And just for the record, the rest of the world isn't worried about Obama... they're worried about our entire government and its partisan dysfunction. And I don't blame them.

    August 6, 2011 10:48 am at 10:48 am |
  8. Elllis Island

    Get real GOPers. Your tea bagger friends held you hostage and destroyed a real chance for economic reform. 64% of Americans rightfully believe that taxes on the wealthiest (including corporations) must be part of the solution. We will nota forget your lack of courage come election day in 2012. Run for cover now. It IS coming.

    August 6, 2011 10:49 am at 10:49 am |
  9. Paul Williamson

    What a bunch of liars and backseaters. Every American knows who caused this, the Tea Baggers and Republicans who with their Gestapo tactics caused the debt crisis. They are out to destroy the country, and they are beginning to succeed. Vote all of them out next November, good riddance to bad rubbish.

    August 6, 2011 10:49 am at 10:49 am |
  10. Republican Hater 1

    Let's face it by now people should know that the tough talk, telling of lies, trickle down voodoo economics, and a new one to add to the mix, "economic hostage taking of the U.S. government until we get our way" is what most of these candidates support. Maybe one day the Republican Party will rid itself of t-party people who are categorized by some as terrorist and return to being a party that really cares about this country and the future or its people. Maybe one day it will offer some real police that's good for Wall Street and Main Street, because after all those are the two elements that has made America great over the years.
    Until then I will always be REPUBLICAN HATER 1

    August 6, 2011 10:51 am at 10:51 am |
  11. Norman Hirsch

    This is classic GOP irony. They cause the political climate which made such a mess of the debt ceiling and then blame Obama for what they caused. The Republican party is the party of sedition.

    August 6, 2011 10:52 am at 10:52 am |
  12. Dennis

    Mitt Romney you are so full of crap they can smell you all the way to Hawaii.S&P spokespersons indicated this downgrade is a result of both this and the previous administrations.They also indicated that politically both parties are to blame because of their childish squabbling over the debt ceiling hike.Budget balancing is a seperate issue from debt ceiling raises but was lumped together to gain a foothold in the 2012 elections by the GOP and a way to further discredit President Obama.You might be able to manage your own money well,but when it comes to this nations financial well being you would not be able to do any better than a child running a lemonade stand on the corner.Giving up some of your tax loopholes might help the economy also.How about it,wealthy greedmeister?

    August 6, 2011 10:53 am at 10:53 am |
  13. Indy

    “This president has destroyed the credit rating of the United States,” Bachmann said.

    Sure Michelle he is the one that had two unfunded wars and gave billions of dollars in tax break gifts to the wealthy in the last 10 years, yaeh that was Obama at work in the back office of President Bush destroying the credit rating.It had nothing to do with your Tea Party Terrorist Orginzation holding the economy and every American hostage. Maybe you can sprinkle your fairy dust on you uneducated followers but 80% of Americans are much smarter then you would like and know that the Republican party started the downfall and your Tea Party made damm sure that the credit rating would go down while Obama was in office and this will backfire on you and all the other clown candidates that were successful in taking the President down and the collaterall damage is the middle class who Obama stands up for. If Romney,Bachmann and Santorium think that there outright lies of how we got here are going to gain support from smart people they will be sadly mistaken.Republicans and the Tea Party are by far the biggest reason why the deficit is where it is today, it took them 10 years to accomplish their goal but they did succeed in ruining the country.

    August 6, 2011 10:53 am at 10:53 am |
  14. Trent

    This is the same sort of partisan crap that got us in this mess you stupid idiots.

    August 6, 2011 10:54 am at 10:54 am |
  15. Four and The Door

    Unemployment is high and will get higher. Most people working in the private sector now know very clearly that companies are running with fewer employees than they could really use. There is plenty of opportunity to employ new workers. But the one thing a business owner has to have before making a decision to hire is confidence in the future. He needs to know that in 3 or 6 months he will not regret that last employee hire decision.

    With S&P downgrading US debt, we can predict that unemployment will go up. Quickly. There needs to be a sharp and effective response now to keep unemployment from jumping to 14 or 15%. The Republicans understand that. Let's see if the Administration and the Senate have a clue. It's their move. Do they know how to manage this situation?

    August 6, 2011 10:56 am at 10:56 am |
  16. Honest Oylier

    Just how dumb are American voters? As a Canadian, (Oh we still have our AAA rating intact !) I marvel at how you've let a bunch of Teabagging nutjobs do serious damage to your economy. Low taxes do not create jobs in this new gobal economy where supposedly public incorporated companies are guided by executives whose prime principle is personal greed. Low taxes tend only to transfer wealth from the lower and middle classes to the already wealthy. Big Oil continues to rack up record profits and they enjoy obscene tax breaks and idiotic tax loopholes. How fair is that – really?

    August 6, 2011 10:58 am at 10:58 am |
  17. Brandon in NC

    The GOP need to realize the cause and effect of there actions. The GOP are stubborn and the world sees what direction (down) the GOP want to take this country.

    August 6, 2011 11:01 am at 11:01 am |
  18. wonderabout

    Really? Pres. Obama's fault – NO – clearly this whole stupid, destructive debacle lands squarely on the shoulders for the Tea Party Lunacy! Here's a bit of common sense economics – IF you have less coming in to the budget than you have going out – then there is a deficit. BUT the lunatics are running the asylum – and they are the rich lunatics who don't and won't pay their fair share. They are the corporate pawns doing the bidding of people like the Koch Brothers who want to privatize everything, eliminate any and all safety regulations – so they can run roughshod over the majority of us. They want to make us all slaves of their empires- and to do so they have to cripple us – take our jobs, our homes, our very survival and distract us with the struggle so they can run everything! Wake up – what part of sending people who hate the gov't and want to cripple it to D.C. was a good idea? The Republican party really needs to cull it's herd and send the freshman idiots back to their districts in tar and feathers!

    August 6, 2011 11:01 am at 11:01 am |
  19. normalice

    Wow. Look at all the republicans talking like they had nothing to do with it.

    But, it does discredit Obama, so the teahadists will eat it up like it's fact.

    August 6, 2011 11:01 am at 11:01 am |
  20. steven harnack

    You have got to be kidding me! I bet they said that with a straight face too?

    August 6, 2011 11:04 am at 11:04 am |

    This is nothing but more of Wall Street's ongoing collarative efforts to undermine President Obama to oust him. They have done nothing to help him or the American people outta financial disaster Wall Street created.
    This is this their way of paying back our goverment and the American
    taxpayers for bailing them out. Just look at the facts as they continue to cut jobs, record profits, hoarding billions of dollars and their strangle hold on lending.
    As far as am concerned S&P and Wall Street deserve to be regulated to point where they are going to crying for mercy....just as the rest of America is doing right now due to their greedy irresponsible behavior..

    August 6, 2011 11:04 am at 11:04 am |
  22. Angryveteran

    First the Treasury Secretary in his nomination process blamed Turbo Tax for his failure to Pay his taxes. Now the President is Blaming S&P for miss calculations in figuring our National Debt. Just as Turbo Tax Did NOT tell Mr. Geitner Not to PAY his Taxes; neither did the S&P get their calculations Wrong. People who make mistakes or screw up; they tend to tell Lies to Cover up their Mistakes. I rest my case. Time to Fire the Whole Bunch of Them.

    August 6, 2011 11:06 am at 11:06 am |
  23. jersvette

    God help this country if any one of these idiots is elected.

    August 6, 2011 11:07 am at 11:07 am |
  24. Peter

    Were all the ridiculous tax cuts and wasting our blood and money fighting an unnecessary war the President's fault too?

    August 6, 2011 11:07 am at 11:07 am |
  25. victor J

    I guess they didn't read the part where S&P specifically blamed the republicans for hijacking the debt debate!

    August 6, 2011 11:09 am at 11:09 am |
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