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. Ron Paul 2012

    Obama 2012! Change you can step in.

    August 6, 2011 11:42 am at 11:42 am |
  2. GI Joe


    just pass term limits, i mean "term limits" for all these bastards of congress, and senate.....wake up, America, Revolt....for this....we need to have bigger revolution....i mean "Revolution" in here....say Term Limits......o.k, Pass Anti-Lobby law....too....god bless......

    WHO do you think has to pass the law for term limits? Quit yelling - it makes you look ignorant – all of you. The CONGRESS HAS TO PASS THE LAW. Think they woul every vote to eliminate their jobs?

    Term Limits = VOTE THEM OUT. It's the closest we will ever get to term limits (until our next Civil War).

    August 6, 2011 11:43 am at 11:43 am |
  3. CBR

    Take a look at these candidates. Would they live next door to you? Probably not , because most Americans do not share their tax brackets or their wealth.

    Obama did not ruin our credit rating. Congress was unwilling to move on the financial issue and let the nation slide backwards. They dragged their feet for better than six months. They promised everything and gave us nothing.

    Those candidates who are in Congress must take some of the blame.Those who were governors did not leave their states in great shape.

    Thia blame gane continues and the Republicans have yet to speak about a credible plan. IF they had one, they would have shared it by now. A person with more courage and less ego would do that just to help the country.

    My fellow Americans the candidates only deserve ours support if they have better plans for America. This bunch is more about me than we.

    August 6, 2011 11:44 am at 11:44 am |
  4. ThinkAgain

    The founding document of our nation and government is the US Constitution, which starts, "We the People."

    Teabaggers like Bachmann and the Republican Party hate the government.

    Therefore, the teabaggers and the Republican Party hate the American people.

    August 6, 2011 11:45 am at 11:45 am |
  5. B

    Boehner’s comment " I got 98 percent of what I wanted" is tantamount to Bush’s " Mission Accomplished", both spewing forth from out of touch, mindless fools.

    August 6, 2011 11:45 am at 11:45 am |
  6. once upon a horse

    I guess that the 2012ers and many GOPers think that everybody gets their talking points from FoxNews and right wing talk shows. Sorry but not all of us do and for them to lay the blame at ONLY the president is obcene. In fact the S & P said part of the problem was the LACK OF REVENUE in the debt bill to offset the spending cuts. But as usual don't let facts get in the way. Meanwhile the approval rating of the GOP and Tea Party is falling just as fast as our credit rating. Obama tried to get this deal done as early as possible to prevent something like this from happening, so of course it's all his fault.

    August 6, 2011 11:45 am at 11:45 am |
  7. Tubby the Tuba TEXAS

    I don't think that our out of control spending just started under Obama. If my memory serves me correctly, George W added about 70% of our debt during his terms in office, and is responsible for another 10%-15% of the debt after he left office. Congress proved that they have the control over spending, not the President! One would have to be a complete idiot to fall for the newbie, wanabe Presidents of the US. Of course the American people tend to be gullible and never take any time to research the problems of todays government, they just repeat what some idiot said.

    August 6, 2011 11:47 am at 11:47 am |
  8. independent

    They can criticize any one the want, that won't change anything. If both parties agree to return to the tax rates of the Clinton years (remember those years of job growth, budget surplus), the S&P would hand back that AAA rating the next day. That is what should be happening. That is what the President, the Democrats, and anyone who says he is Speaker of the House.

    August 6, 2011 11:48 am at 11:48 am |
  9. FM

    Where are we heading with the un-official party (Tea Party) bulldozing everyone. It hasn't taken time we are witnessing the result of their actions. For the sake of the country, this unrecognised party should get out of the way before they force each individual to dig own grave!

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

    Really, is there any intellient GOPer left – who will understand the real issue & real problem?
    Or will they only cater to small segment of population?

    August 6, 2011 11:51 am at 11:51 am |
  11. Mitzie

    Does the GOP ever take responsibility for their own actions? Obama entered with a tattered economy and the GOP has done everything in its power to stop any attempt to invigorate the economy. Now the GOP has created an even larger crisis with their handling of the debt ceiling. Of course they are going to blame Obama. That was the whole intent to begin with. Let America and Americans go down the tubes, blame Obama, and then hopefully people will be stupid enough to vote the GOP back into the Presidency. What is really sad is that too many Americans either know too little of history, the history of this recession (think Palin and her chastising of President Obama for scaring the Congress into voting for TARP when it was then President Bush), or are too embedded in their political party's views to pay attention to the facts.

    August 6, 2011 11:54 am at 11:54 am |
  12. NC

    The Tea Party is the future. Impeach obama. Elect a Republican on November 6, 2012. This is the only way to get our America back. obama and the left wing liberals have destroyed this great country with their socialist ways. The citizens who voted for obama in 2008, will not fall for his so called "hope and change". Don't be an ASS, vote for the Republican candidate on November 6, 2012.

    August 6, 2011 11:54 am at 11:54 am |
  13. The Elephant in The Room

    If you are upset by this and either didn't vote in the 2010, elections, or voted Republican, you can help fix it.

    Vote straight Democratic tickets in 2012 at the local, state & Federal level and then do it again in 2014. If by 2016, the Democrats haven't turned things around fire them all.

    We need to give the President a Senated that can't endlessly filibuster bills and obstruct as the REpublicans did in 2009 & 2010. We need to prevent a Tea-Party Republican House of Representatives from applying terrorist / hostage taker principles to American governance.

    August 6, 2011 12:07 pm at 12:07 pm |
  14. bill

    Well, I guess the stock market will be fun next week.

    August 6, 2011 12:07 pm at 12:07 pm |
  15. Anonymous

    It seems as if the main goal of the GOP is to vote Obama out of office. No thought is being given to voting in a competent GOP candidate. That is not a good sign. The parties should choose their candidates. Then let the voters choose.

    August 6, 2011 12:07 pm at 12:07 pm |
  16. never1565

    The GOP caused this and now they blame someone else. Just like every thing else they got us into...the Iraq war and various other crap...WHEN will they take responsibility for their actions??????

    August 6, 2011 12:07 pm at 12:07 pm |
  17. zserraty

    Michelle Bachmann and the Tea baggers held this country hostage she advised her party not to rise the debt ceiling. They were ready and willing to bring this country down and default. Michelle has the nerve to blame Obama when he was the only on in Capital Hill who acted like an adult. Numerous times Republican came to an agreement then deceide to walk away because of the tea party. Do you not understand the lanugage the S&P used? The S&P clearly said the debit ceiling should had been raised like it has been done in the past. Then we could had dealt with the debt, including putting taxes on the table. I also blame the people who voted these morans in, even the Republicans that have been in congress tried to rationalized with these idiots "tea party". Economist after Economist continue saying taxes need to be raise but instead they wanted to keep this country hostage to please the rich in this country. If we keep these idiots in office or even think about voting for Michelle Bachman who I believe is a bigot this country is really going to fall. Do you not understand you theatrical showdown was televised and the true colors where shown.

    August 6, 2011 12:08 pm at 12:08 pm |
  18. Anonymous

    wake up people... its not about being democrat or republican or even tea bagger. its about greed and greed only. the government is a business and should be conducted like a business accountable to its shareholders. the shareholders are WE THE PEOPLE. but we've been too busy adorning ourselves with material goods for the past 30 years cuz our govenment told us we should and everything will be ok. we've sacrificed our childrens education, future and a clean safe world to live in all to have just one more bigger better more expensive thing than the next guy. so as much as our ELECTED (yeah thats a joke) officials have been playing big greedy pig at the tax payer food dish, we have allowed them to do so. but now its time to stop pointing fingers and let these idiots know we are done standing around with our thumbs up our collective ass. if any of the current congressional membership has thoughs about reelection, i strongly suggest getting to work doing the PEOPLE's business and making things right or you'll be looking at the unemployment line in a whole new light.

    August 6, 2011 12:08 pm at 12:08 pm |
  19. addon

    Wow...Just wow....The $2.4T in cuts just got absorbed in the increased interest rates. So John Boehner got 98% of what he wanted?????? You know republicans and tea-fools are the worst types of phoney americans to think this is a good thing for this country. Idiots...All of the You!

    August 6, 2011 12:10 pm at 12:10 pm |
  20. calvin

    Amazing how everyone Blames Preisdent Obama! All facts for our countries failures lead to the Tepublican/tea parties. Their concern is only for the rich/themselves. Our country is blinded to see their pattern of things, it simply falls prey to theirr tactics and once things fail, they are the first to throw Blame elsewhere. Granted many unwarrented faiures has happened under this president. His hands simply get tied byt the Republicans and Tea Party who simply are nothing but rich spoiled brats who have no concern for the middle-working, lower class people.

    August 6, 2011 12:12 pm at 12:12 pm |
  21. Brian

    Did we expect anything different from this bunch of self serving politicians. To me, Santorum's line is particularly poignant. Saying that this is Obama's fault because it was on his watch is like saying that a homeowner is at fault when a felon enters their house and steals everything in it. Obama may not be a great President – I did not vote for him – but this entire mess is due – wholly and solely – to the obstructionist actions of the GOP and Tea Party

    August 6, 2011 12:14 pm at 12:14 pm |
  22. MiddleOfTheRoad

    The GOP seems focused on voting Obama out of office. That's not a good sign. They should be focused on running a competent candidate. The solution is to have the political parties choose their own candidates. Don't let the primaries pick the best "sound bite" candidate.

    August 6, 2011 12:14 pm at 12:14 pm |
  23. Former believer in our leaders

    Vote them all out of office. Every single one of them. If Obama cannot lead he must go, ALL of Congress must go. Its time the American people take back our country. The leaders of our country will never listen or care what happens to the majority of the citizens of this great country unless they face a very serious slap on their self serving bottoms. They ALL must go. It's time.

    August 6, 2011 12:14 pm at 12:14 pm |
  24. Anti-GOPer

    Why am I not surprised. The tea party holds the debt ceiling hostage to the brink of default and than blame the President for it. The President worked on neutral ground and the Tea Party yet again rejected meeting into the middle. They preach "self-responsibility" but fail to APPLY it to themselves. They also point fingers as they do everything they can to blame the President when they in fact are creating every obstacle and road block to MAKE SURE the President fails. In the end, they are failing America and Destroying it as well.

    August 6, 2011 12:15 pm at 12:15 pm |
  25. vh

    How much is the Tea Party going to cost this country? They've gone above & beyond Rush Limbaugh's hope that President Obama would fail! Bachman & Romney both wanted the default – now they point fingers!

    August 6, 2011 12:15 pm at 12:15 pm |
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