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. Bob

    Who dominated the decision making in the recent debt ceiling mess? The Speaker said he got "98% of what I wanted" Notice he said what "I" wanted. What about what the people wanted? And now the Repubs have the nerve to blame this on Obama. He was willing to give on entitlements and a $4+ trillion cut in exchange for minor revenue increases. If that had been the deal the Repubs were willing to accept the AAA rating would still stand.

    August 6, 2011 11:27 am at 11:27 am |
  2. logic in LA

    Put the blame where it lie- on politics!
    Republicans refused to allow for the much needed tax increase and the Democrats did not stand-fast to insist on it.
    It is irresponsible to thin cuts alone can solve our problems. Maybe now they will wake up and smell reality.

    August 6, 2011 11:27 am at 11:27 am |
  3. ThinkAgain

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

    No, sweetheart, it's your teabagger friends that have brought this about. And stop with the "we can balance the budget with only spending cuts" nonsense. It's impossible to balance the budget without revenue increases – by raising the top tax rate back up to 39% (what it was under Clinton when we had a BUDGET SURPLUS).

    August 6, 2011 11:27 am at 11:27 am |
  4. Polineutral

    And this is why I hate politicians. The Republicans did all the damage, but of course want none of the blame. Obama tried his best to solve this problem, but had his hands tied with political bickering. Even the Democrats were acting unusually stupid in this crisis. But ultimately this was a hijack by the Republicans and the Tea Party, all they wanted was what they promised all along, to make Obama a one term president and they don't care if they have to send the country to hell in a hadbag to do it. So all this posturing all saying, oh look at all the spending, is meaningless BS now. Fact of the matter is, Republicans have become so vicious and vindictive, that if we refuse to vote for them, they will destroy our nation in retribution, and have no conscience on their wrongdoings. I've said it before and I'll say it again, if "We the people" ever want to see true reform, we need to vote for an Independent president, congress and senate, not because I prefer them, but it will surely send a clear message to our current dominating parties, and I guarantee you they will be kissing our boots with reform action not promises.

    August 6, 2011 11:28 am at 11:28 am |
  5. johnmccain

    From day one, the repubs' goal was to dstroy Obama's presidency, by any means and cost. Here is the cost of it, it cost all of us a great deal. They never accepted the will of the majority of this country's vote to go with the Obama message that was clear from day one. The repubs has twisted it with continuous lies just to not be able to move the country ahead. It would be ridiculous if it was not that serious towards all of our well being and progress. The credit rating said that the prolonged fight decided on the fate of the low rating. When will people grow up and get an education finally???????

    August 6, 2011 11:28 am at 11:28 am |
  6. B

    The Republicans, as most Americans now understand, are one of the main reasons that the S&P did this! They are the Architects of the Debt Debacle 100 percent and now are attempting to point the finger at Obama !

    This is all part of McConnell’s admitted strategy to "make Obama a one term President"
    McConnell even whet so far as to say " this is the Template for the future"!

    He and Cantor are absolutely the most outrageous Congress people ever involved in that institution.
    These people are willing to destroy the economy to get there way politically.

    They are literally disregarding the Constitutional functions of Congress by using subversive methods of legislation to achieve their own political ends !

    It is an outrage and they should be called out.

    Wake up America.

    August 6, 2011 11:28 am at 11:28 am |
  7. Robert

    Well, Well,

    two peices of crap with an opinion, neither with a backbone, just like the right wing, all critics but none with a plan, why don't you lay the blame where it clearly lies, at your door step

    August 6, 2011 11:29 am at 11:29 am |
  8. barry

    It is sad what President Obama has done unknowingly to our nation in just a short time. He is right that he inherited a bad situation but he has made the situation much worse. I truly believe he is a good man and isn't intentionally setting out to destroy our country. I believe his lack of leadership experience is the cause. Had he been elected in 2016 instead of 2008 I think he would have been a successful President. He did get Osama Bin Laden which was a Great accomplishment unfortunately the rest of his Presidency, I fear will be judged a dismal failure. I do hope things improve quickly I fear we are headed for extremely tough times for the people of our country.

    August 6, 2011 11:29 am at 11:29 am |
  9. ThinkAgain

    @Mike and others who refuse to accept the fact that Republican economic policies are PROVEN FAILURES:

    It's fools like you who elected the teabaggers who created the false crisis of not raising the debt ceiling and caused S&P to downgrade America's credit rating.

    You can foam at the mouth all you want, but FACTS are FACTS: You and your party are destroying our country.

    August 6, 2011 11:30 am at 11:30 am |
  10. Mike

    The Republicans believe we need new leadership in Washington and blame President Obama for the credit downgrade. The downgrade is wholly due to the Republicans, especially the Tea Partiers, and if these 'candidates' can't see that, how on earth can they claim to have a better vision for the future? It was Congress that ran the negotiations right up to the eleventh hour, because the Tea Partiers wouldn't accept a balanced approach. It's high time to put the blame for the economy where it belongs and that is with the GOP 'Party of NO'.

    August 6, 2011 11:30 am at 11:30 am |
  11. No Hope; Just Fighting

    What a waste. Instead of working together, tearing down. Michele Bachmann was one of those in congress the S&P was talking about; gridlock, arguing with no real compromise solution. Remember, she never wanted to raise the debt ceiling. Neither most of the rest of these clowns. All of them are a waste. The S&P downgrade exposed Washington for what it is. A dysfunctional group of children.

    August 6, 2011 11:31 am at 11:31 am |
  12. BIll

    This article is so one sided.

    August 6, 2011 11:31 am at 11:31 am |
  13. vic , nashville ,tn

    Did they read the full report no

    August 6, 2011 11:32 am at 11:32 am |
  14. Larry L

    It takes a giant pair to accuse the President for this debacle. Everybody I know with more than two active brain cells places the blame exactly where it belongs – on the gutless Republicans who held America hostage to protect the wealth of the super rich. You can also blame the Rush Limbaugh crowd who told us it was all a bluff – fear mongering by the Democrats. Does it look like a bluff now? I will now vote against every Republican in every race from local to the national-level.

    August 6, 2011 11:32 am at 11:32 am |
  15. Four and The Door

    It looks like the financial community will stop Obama's massive government spending before the voters get their opportunity in 2012. I hope. For the good of America's future.

    August 6, 2011 11:33 am at 11:33 am |
  16. Bob


    obama is doing to america what hoover did but worse

    Hoover's approach was to keep the govt out of it and let private business pull us out of the depression. Sound familiar?

    August 6, 2011 11:34 am at 11:34 am |
  17. Root and stem

    Obama must resign, today.

    August 6, 2011 11:35 am at 11:35 am |
  18. eberhardt

    Note,it was a republican who brought up Bush's name. Republican Party,as shown by the House,s behavior during debt negotiations, want to take back the presidency more than they care about the country's well being.

    August 6, 2011 11:35 am at 11:35 am |
  19. Lorraine

    Yes it was under obamas watch ' but instead of creating Jobs an bills 4 anthing all they talked about is the debt! Please don't u think congress would care a littlte bit ? No I blame congress they r out 2 destroy prez obama!!!!

    August 6, 2011 11:36 am at 11:36 am |
  20. Danny Spencer

    These so called GOP candidates and Two Faced Perry cant count past 10 with out using someone elses hand. They need to look no further than their GOP Party for blame, My GOP Party is too scared to step up and face the ill facttion that has taken it over. .. All of these guys are just Puppets doing the work of their Puppet Masters. SHAME ON THE GOP!

    August 6, 2011 11:37 am at 11:37 am |
  21. Root and stem

    When I hear or read CNNistas blame the Tea Party for ANY problem related to the economy or debt I know you are working from total ignorance. Only Obamots believe the Tea Party had anything at all to do with the current disaster.

    August 6, 2011 11:37 am at 11:37 am |
  22. FDRriseAgain

    Also...the loss of our credit rating is an insult to our forefathers who worked and died for this country. Most of whom had very little and no security. Their efforts to build wealth and improve the standard of living and quality of life for all Americans and to provide some safety net. To squander it away like a dirty tissue is unthinkable. My family will never forget this disrespect to our country who put their own personal ideologies ahead of the country.

    August 6, 2011 11:37 am at 11:37 am |
  23. K Mac

    I love these Tea Party people going after Obama when they caused all of this crap. I agree we need to make cuts in things like defense and corporate welfare. We have to still protect those most vulnerable.

    Never in our history has any congress tied spending cuts to the debt ceiling. If this had not been forced by the TERRORIST TEA PARTY we would still have our AAA rating.

    I will admit that Obama needs to take true leadership of this country but when you have a group saying you do it our way or we won't play, it makes it hard to do anything.

    August 6, 2011 11:39 am at 11:39 am |
  24. Bob

    Hoover, like Obama, did not cause the financial problems yet was blamed for them. He inherited them. Yes, I am defending a Republican. Hoover did too little, too late. Refusing to let the govt help with recovery. Obama has been blocked by the will of the Tea-baggers. Yes, I am defending a Democrat. How's that for "fair and balanced"

    August 6, 2011 11:41 am at 11:41 am |

    Obama has become so unpopular that Kenyans are claiming he was born in the U.S.

    August 6, 2011 11:41 am at 11:41 am |
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