GOP candidates slam Obama after downgrade
August 6th, 2011
09:06 AM ET
11 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. VistaPoint

    Amazing how GOP candidates have forgotten what got us into this mess. I used to think Mitt Romney would be above petty politics, but he has turned out to be like the rest. The only exception is Jon Huntsman who comes across as a mature candidate is Jon Huntsman. I hope the Republicans recognize this fast and nominate him if they would like to have any chance of winning against President Obama.

    August 6, 2011 11:06 pm at 11:06 pm |
  2. Lonewolf

    Here we go again, the hate mongers trying to lay blame on the President. Common on teabaggers for once admit the truth that you are the ones to blame for the downgrade. Your childish hate filled tactics last week is what has caused this. You people don't know the meaning of "democracy". You are willing to do anything to make the President look bad, even at the cost of the economic downfall of this country. You all support the fact that it is middle class Americans who pay thier fair taxes and and big business pays zero. I am sure that you also are in favour of big business shipping American jobs over seas for larger profits at the cost of lost jobs here! Way to go teabaggers/repubs.

    August 6, 2011 11:10 pm at 11:10 pm |
  3. John q

    Thank you Tea Party for the downgrade! You just cost your rich constituency more in higher interest rates than they would have had to pay in increased taxes under a balanced approach to deficit reduction.

    August 6, 2011 11:17 pm at 11:17 pm |
  4. HawHaw

    Id love to see the Gop take responsibility for their own mismanagement of our country. Id also love to see my dead grandmother again and I know neither is going to happen.

    August 6, 2011 11:24 pm at 11:24 pm |
  5. Terry - Indiana

    Dear Candidates: Please, stop the complaining and the finger pointing. If you do not have a viable solution for our national unemployment problem, please stop talking. Politicians can make their mouths move, but nothing but crap comes out. Perhaps they should stand on their head and see if their butts can do a better job. No, that is gas, not gasoline.

    August 6, 2011 11:30 pm at 11:30 pm |
  6. QC Fan

    Blame the GOP for this mess? Don't think so. The Dems have controlled congress the last two years of W's term and the first two of Obummer's. Also, the Dems could not pass a budget when they controlled the congress. Why? They knew where things were heading and the budget would have let the cat out of the bag sooner versus later. Be a man and own the problem, the tea party just wanted the cuts to occur quicker than Reid's phantom cuts.

    August 6, 2011 11:50 pm at 11:50 pm |
  7. ron from baltimore

    The better Obama does for the nation, the harder the GOP tries to hit him. Here he is trying to unite the nation against a comon enemy-or set of enemies, economic, socio-cultural, military, etc.-and the Republicans first try to ruin him by going to the brink on the debt ceiling issue, and now, as a result of their intransigence, they are trying to make us believe Obama's the one responsible for the debt rating cut. They are scared out of their wits, it is painfully obvious.

    August 7, 2011 12:49 am at 12:49 am |
  8. Mark

    Have the Republicans or the Tea party or whatever they call themselves now ever thought once about doing something for the common good?
    Not recently.....and then when the bottom falls out as a result of their pursuit of policies of self interest they immediately go into the blame game. mode.
    What a bunch of completely selfish, self centered hypocrites they have become

    August 7, 2011 01:10 am at 1:10 am |
  9. True

    The GOP/tea party caused the downgrade with their unnecessary debt-deficit-hostage shenanigans. The GOP is deliberately damaging the US economy so they can then blame Obama, and then take power. Deliberately damaging the US economy.

    August 7, 2011 01:18 am at 1:18 am |
  10. SNAPPA

    What a bunch of losers, have they no shame? To lay blame at the feet of President Obama and not with any of their party members shows exactly how they feel about this country. None of them should even be in the same room with President Obama.

    To our brave seals, you guys are incredible and America owes you a debt that can never be repaid.

    August 7, 2011 01:27 am at 1:27 am |
  11. Hairy and Handsome

    The Republicans should point the finger at themselves. The American people are dumb but were not that dumb. We know they spun up this mess to make Obama look bad. Obama offered a fair solution and the tea baggers decided that political gain was more important than fixing the problem. S and P were the same outfit that gave the ARM housing loans a triple A rating. I don't listen to them neither should anybody else, they are hacks.

    August 7, 2011 01:28 am at 1:28 am |
  12. Rick

    Boy, if the GOP candidates think the downgrade is a result of the President's "failed leadership," as opposed to the $7 trillion in debt racked up during the Bush presidency and the willingness of the GOP House members to default on that debt, they lack the analytical skills to be in public office.

    August 7, 2011 01:33 am at 1:33 am |
  13. ThinkAgain

    @Kelley: I would like to add that cuts to the budget that result in job losses in turn result in lower tax revenue and less money spent on consumer goods, upon which our economy relies.

    Money needs to be put into the economy, specifically into the hands of those who will spend it, i.e., the middle class and poor. The rich have had their 10 years of tax cuts for the rich which have not resulted in job creation here in the US; time for the rich to start pulling their weight and contributing TO our country instead of just sucking us dry.

    August 7, 2011 01:57 am at 1:57 am |
  14. pat2

    This is going to backfire. Americans now feel sympathy for a President who took office with a mess and has been hit by one blow after another. The leadership criticism cuts both ways.

    August 7, 2011 02:41 am at 2:41 am |
  15. CT Yankee

    The veteran republicans and the tea party people in particular must be deluded or even possibly insane if they think that the american people will think anything else but that they caused this credit rating problem.........what the tea party GOP and the leadership that couldn't control them did in this congress bordered on treason and they are all going to be out of a job next year.......they could not have been more destructive if they had been trained at an Al-Queda camp in the mddle east.

    August 7, 2011 04:21 am at 4:21 am |
  16. gsh200

    “This president has destroyed the credit rating of the United States,” Bachmann said.".............the last time I heard something this insane was from a person running naked down the middle of the street waving an axe in the air...........I would just like Ms Bachmann to know that we have not all had the benefit of her mental health institution nor have we worked for her on her immense farm and we don't all accept what a crazy milionaire says simply by wrote.

    August 7, 2011 04:39 am at 4:39 am |
  17. Dave

    Are the american people as dumb as these polititains think we are. So this whole down grade thing is Obama's fault? The GOP has no credibility left. the S&P said part of the reason they downgraded the U.S was because although we agreed to cut spending there was "no revenue created". No taxes to increase revenue. So because the GOP wouldn't allow Obama to cut out all those Bush tax cuts for the very rich we didn't increase revenue. The only way we know that the GOP is lieing is if thier mouth is moving and they never seem to shut up. They are what americans hate about politics.

    August 7, 2011 05:59 am at 5:59 am |
  18. zanny

    Selective memory Tea Party Mike If your leader that idiot Michelle Bachman and you all had your way, our downgrade would have been worse. You cannot cut spending all at once. You have to increase rev enue and the deficit will decrease faster. Why do you all not understand that??? If I overextend myself and get myself too deep in debt, I can go out and find a part time job to supplement my income, which I have done before. Cut spending and increase revenue is the only way to go. Do you as well your Republicans, not get it Do you not listen to the American voter who want taxes increased on the wealthiest Americans. When you look in the mirror, the person looking back is part of the problem.

    August 7, 2011 06:27 am at 6:27 am |
  19. Tom

    So, if the argument is that the US spends too much. Why don't we start by cutting the salaries of those making the argument, namely the congressmen and women. We can start buy cutting their salaries and income to the the poverty level until the figure out the problems we sent them to solve. This would give them an incentive to solve it more quickly and save the US people some money too! It might not be very much its a start. And if we are being asked to sacrifice, the pain should be shared.

    August 7, 2011 07:29 am at 7:29 am |
  20. Lane

    It cracks me up when people speak about politics and economics and they have no clue. The blame is shared by all parties, including the President. This happen on his watch so it is his to own. He will be history in 2012 and we will have some that can actually lead the country. It cracks me up that all of you idiots voted for a "community organizer" to run the country. Bunch of idiots.

    August 7, 2011 07:39 am at 7:39 am |
  21. runner305

    Hopefully, in 2012 the country will have enough voters to offset those like "Tea Party Mike" and "Four and the Door", in order to get these RepubliCONS out of office.

    August 7, 2011 07:42 am at 7:42 am |
  22. EddyL

    Do these GOP morons really think the country doesn't KNOW that Congressional Republicans are really to blame? Don't they look at polls?

    August 7, 2011 07:47 am at 7:47 am |
  23. Ed Zumar

    we deserve this – we (you) keep voting the same non-thinkers, non-leaders back to congress every year. Demand more!! if you vote for an incumbant you deserve this. How many of you have contacted your non-thinking congressional delegate and threatened their job? That's what I thought.

    August 7, 2011 07:51 am at 7:51 am |
  24. Big Al

    If I were them, I would keep my mouth shut. Tell me what have they done to avert the debt ceiling crisis for the last month? Nothing.

    August 7, 2011 08:13 am at 8:13 am |
  25. JustSaying2U

    This circle of clowns masquerading as Presidential contenders, must think the American public is stupid. Everyone knows the Congress, and specifically the GOP-led House is responsible for this whole mess. This is exactly why I predict that not only will the President be re-elected, the House will revert back to Democratic leadership. The Tea-Baggers constantly shout about how government is broken, and they get elected and prove it.

    August 7, 2011 08:31 am at 8:31 am |
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