Obama: S&P doubted our political system
August 8th, 2011
02:00 PM ET
11 years ago

Obama: S&P doubted our political system

Washington (CNN) - President Barack Obama said Monday that the downgrade of the U.S. credit rating by Standard & Poor's occurred because "they doubted our political system's ability to act."

He said that U.S. economic problems are solvable, and the nation needs to tackle its budget deficits over the long term.

Obama told reporters he will be presenting his ideas for how to proceed in coming weeks as a special congressional committee set up under the recent debt ceiling agreement begins its work.

"No matter what some agency may say, we've always been and always will be a triple-A country," Obama said.

Filed under: Economy • President Obama
soundoff (28 Responses)
  1. Limbaugh is a liberal

    Thank you Tea Party very much...

    August 8, 2011 03:14 pm at 3:14 pm |
  2. Old Artillery Man

    Are you really surprised that S&P lowered the debt ceiling? The republicans control the House. There is a minority of so-called Tea Baggers in the house that control the republicans. They have fantastic sounding bumper sticker solutions to all our problems. But these solutions have no connection to the real world.

    However, they have demonstrated that they will force this nation to default on its debt to get what they want. This is like you and your other half going to the bank and asking for a loan. In talking with the banker one of you, say “If the other half won’t let me do want I want to I will not pay you back.” Do you think you would get the loan? What you are saying is that if I do not like something I will not pay my debts, not because I cannot but because I will not.
    McConnell is already talking about how this will be standard procedure for debt ceiling raises in the future. How many will we have before the next election?

    From what I remember the man from S&P on TV saying he made an indirect reference to this attitude and the Bush tax cuts still being in effect.

    Just another little thought. Obama will win reelection easily. Not because of support from Democrats but because the PTB in the republican party will want him to. They have rolled him from the start of his administration. Beginning with the public option in the health care bill. They continue to roll him up and including offering Social Security and Medicare offered before it was even asked for. This was a violation of Democratic principles of any true Democrat. They would have him to roll to get what they want and then blame him when it hit the fan.

    August 8, 2011 03:18 pm at 3:18 pm |
  3. Mr. Moderate

    I doubt our political system's ability to act too! It is plainly obvious that our "elected" officials are no longer concerned with serving their constituents of bettering the nation in which we live. Their only priority is to do the bidding for the special interest masters, grabbing as much power as possible and maintaining that power. To heck with the country.

    We used to be known as a nation that could accomplish great things, but no more. If Pearl Harbor were bombed today, we would not unite to defeat the enemy. Rather, the various political factions would devote all their resources to trying to fix blame on their opponents while at the same time figuring out how the crisis can best be used to benefit those that have bought them and they have gamed the system to preserve this insane status quo.

    August 8, 2011 03:28 pm at 3:28 pm |
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