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. Reggie from LA

    You have got to be kidding me!! The gall, the nerve, the BS. You have got to be kidding me. Another feeble attempt at creating an anti-Obama propaganda platform from the excrement that the TeaParty/GOP puppet show dropped. Obama is behind the rating? OMG!! and people will believe this.This is the kind of fear that folks like Palin and Bachmann instill. That is to say that "people will believe this. It's the type of tripe that divides us. That's where the concern lies. We are one nation, but this type of filthy, lying rhetoric attempts to make us two. People who believe this are a lost cause. FOLKS, IN PREVIOUS RAISES OF THE DEBT CEILING, IT WAS JUST DONE AND IT WAS ACCEPTED WITHOUT HAVING TO BE BLESSED. Without Obama, those socialistic programs like Social Security, Medicare/aid, would be gone. Talk about killin' Grandma, you betcha!!

    August 6, 2011 11:10 am at 11:10 am |
  2. Debra From Georgia

    So, Mr. Boehner is this the 98% of what you wanted. or is the AA crediting rating makes up 2%. You can try to wrap this mess around President's Obamas neck but we know this is not President's Obama's fault.

    August 6, 2011 11:12 am at 11:12 am |
  3. Logic

    At some point these people aren't even going to be worthy of media time they're so stupid...of course I guess that nets you more.

    August 6, 2011 11:13 am at 11:13 am |
  4. mary

    Hey GOP you own the downgrade, remember GOP you walked out on the President three time because you did not want to compromise on a grand bargin because revenues were involved. May-be you will agree to revenues now that SAP said they needed to be a part of debt reduction!!!!! GOP stop blaming the president you played with the debt ceiling and now look at what you caused !!! The speaker said he got 98% of what he wanted!!! The GOP hate the president more than they love this country!!!!

    August 6, 2011 11:14 am at 11:14 am |
  5. dan in Alquerque

    We see the same extremist, non-compromise, no revenue mantra from the Tea Party-comtrolled Republicans, who are going against the various poll results showing Americans want cuts AND revenue increases. If this ridiculous divisive propaganda continues, our downslide is just beginning After all, the "job creating" cuts instituted by Bush created a majority of the debt we enjoy. Wait till November when the 84% of Americans hate the job Congress is doing and the so-called compromise artifically created by the right.

    August 6, 2011 11:14 am at 11:14 am |
  6. Amazed2

    “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.

    Aree you kidding me? Do these republicans think that the American people are totally stupid? That they can spout the the sky is green, therefore the sky in now green? Do you not see what you are doing to our country's recovery efforts from the economic tragedy that was GWB? What's next for these people ... George W. Bush on Mt. Rushmore?

    Give me a flippin break and Mitt by the way did you sell your 17 million dollar ski shack in Utah?

    August 6, 2011 11:15 am at 11:15 am |
  7. Shawn

    Actually, it was the combined efforts of republican and democratic administrations for not attempting to balance the budget. The closest we got was Clinton, who did a hell of a job for the economy (largest economic expansion in recent history). And all the uinemployment, economic and debt issues were intensified significantly under the W Bush administration... or do we not recall who lived in the white house when the 'great recession' began?

    August 6, 2011 11:16 am at 11:16 am |
  8. Dan in Az

    Blah blah blah. These blathering idiots are so quick to lay blame but slow to offer solutions.

    And this was mostly congress's fault, not the president's. Let those morons be voted out of office.

    August 6, 2011 11:16 am at 11:16 am |
  9. Red79

    last time I checked the President is not Congress. If these candidates would stop being so ignorant and actually look past their own noses they would see the problem lies with Republicans and Democrats in congress. Its sickening to realize that these candidates think the President has enough power to single handily sink the country.

    August 6, 2011 11:16 am at 11:16 am |
  10. 1nd3p3nd3nt

    Wow. It's like the past month of debt debates never happened for these people. The president's plan was three trillion in cuts, one trillion in new revenue over the next ten years.

    ...these people are still playing a game, even though they just lost.

    August 6, 2011 11:17 am at 11:17 am |
  11. DVoice12

    Listening to Michelle Bachman gives me a migraine.

    August 6, 2011 11:18 am at 11:18 am |
  12. emma

    Blame Obama? When do the GOP take responsibility for their own unworkable beliefs?

    August 6, 2011 11:19 am at 11:19 am |
  13. Teena

    Again the republicans are screaming for more cuts bur REFUSE to look at more revenue-just more of the same ole republican mantra of " MY way or the highway"
    Try acting like adults and looking at FIXING the problem by putting everything on the table including tax loopholes and tax cuts for the wealthy! ALL Americans must work to solve this problem!

    August 6, 2011 11:20 am at 11:20 am |
  14. Greg

    Wow what a suprise, I don't see any blame on the house Republicans. A president who puts entitlements on the board but the Richpublicans won't do anything on tax increases. Maybe is Congress had not screwed around and waited till last minute. Santorum should shut up, he has no chance to win. Why do you think he was voted out.

    August 6, 2011 11:20 am at 11:20 am |
  15. janetlaw

    New leadership? Really? Okay, Mitt & Michelle, do you realize how downgraded it would have been if NOTHING was done? Waaaaaaaaaaaaay worse then it is now. Oh, and by the way, it was your buddy Georgie that brought us here AND your buddies in the house and senate that are being eaten by the Tea Party. What hypocrites!

    August 6, 2011 11:21 am at 11:21 am |
  16. lynn

    Of course the GOP will slam Obama, that's their motto. No ideas, just twist, spin and point fingers. How soon the public forgets the Republican's plan was to guarantee Obama is a one term President, and they're doing a good job of that, blocking every fiscal move his administration works at to encourage companies to hire. Nobody will admit the Republican companies will never hire when they're doing great on fewer employees, making bundles of cash.

    August 6, 2011 11:22 am at 11:22 am |
  17. Anonymous

    Who dominated the debate and decision making in the recent debt ceiling mess? The Speaker said he got "98% of what I wanted". Notice he said what "I" wanted. How about what the country wanted!

    August 6, 2011 11:22 am at 11:22 am |
  18. yuhmad

    Both Republicans and Democrats were in on this debt ceiling and everything that the Republicans wanted they have received. So there is no need because of the downgrade to blame the President but rather the hard headed mules just did not wanted to compromise. The Republicans are concerned about whether the tea party movement will put them back into 2012 election. So Republicans need to take a step back and look and see what they have been doing to this country.

    August 6, 2011 11:23 am at 11:23 am |
  19. shamgar50

    TeaBagger Republicans kept the debate going, and showed everyone we’re just as screwed up as any 3rd world country. We were the rock, we could do anything. The world looked to us for stability. The world needs that, even if it only true in theory. Now that’s been destroyed, thanks to TeaBagger Republicans and their refusal to allow compromise.

    August 6, 2011 11:23 am at 11:23 am |
  20. Proud member of "Global Zero"

    I am sorry...nothing new here.

    August 6, 2011 11:23 am at 11:23 am |
  21. ThinkAgain

    These Republican yahoos are purposefully misleading the public.

    CONGRESS is responsible for the budget process, NOT the president.

    CONGRESS has showed a lack of leadership – specifically, the GOP in letting the teabaggers' stinky tail wag the dog and extort our country for their own ideological gain.

    What EVERYONE needs to remember is that it was the FAILED REPUBLICAN ECONOMIC POLICIES that got our country into this mess in the first place – and that without President Obama's economic policies, we would have sunk into another Great Depression.

    If a majority of Americans believe these lies from the Republicans, then we deserve to go down the tubes.

    August 6, 2011 11:24 am at 11:24 am |
  22. Bobby Ray

    After holding the full faith and credit of the US hostage to the demands of the Tea Party whackos, the GOP has the gall to lay this at Obama's door? That is outrageous! The downgrade, by the way, will wipe out ALL the cuts of the debt ceiling deal if the nation's interest rates climb by 1%. The GOP needs to start living in the real world. The Tea Party dream of small government and low taxes is working just fine in Somalia. Ahh yes, Somalia, where they are fighting in the streets of their capitol for food. How envious the GOP must be.

    August 6, 2011 11:25 am at 11:25 am |
  23. Paul in Houston

    Romney said he did not approve of the deal passed in congress and Michelle Bachman said she would not vote to increase the debt ceiling and Palin said she was against raising the limit.

    How stupid do they think we are? Thanks to the Bush administration, we've learned we have to pay attention to what our politicians are saying and doing.

    August 6, 2011 11:25 am at 11:25 am |
  24. Hugh S

    it seems that if the republicans hadn't messed with politics, and looked out for the best interests of our country, this wouldn't have happened. but, leave it to the republican sole concern of a one term Obama, they will do ANYTHING to make him look bad! the tea party is even worse..... a true party of NO!

    August 6, 2011 11:25 am at 11:25 am |
  25. ThinkAgain

    "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."

    Read the above again, folks.

    Standard & Poor's, the same rating agency that gave junk mortgages AAA ratings, have once again lied to the American public for their own economic gain (I say economic, because I would lay money they are getting kick-backs from the Koch brothers and other Republican tools for doing this irresponsible act).

    August 6, 2011 11:26 am at 11:26 am |
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