Romney knocks Obama's S&P 'failure'
August 8th, 2011
08:31 AM ET
11 years ago

Romney knocks Obama's S&P 'failure'

(CNN) - Mitt Romney will continue his attacks on President Barack Obama at events Monday, hitting him over the recent U.S. downgrade from Standard & Poor's.

Campaigning in New Hampshire, the Republican presidential frontrunner will tout his own history with S&P as governor of Massachusetts, when the state received credit rating upgrades, according to the campaign.

"When I was governor, S&P awarded Massachusetts with a credit rating upgrade for our sound fiscal management and the underlying strength of our economy. This didn't happen by accident," Romney will say. "The president's failure to put our nation's fiscal and economic house in order has caused a massive loss of confidence that resulted in an embarrassing downgrade."

Romney will also continue comparing Obama to former one-term Democratic President Jimmy Carter.

In a report Friday, S&P ruled that the plan agreed upon by Congress and the Obama administration to raise the debt ceiling fell short of the necessary measures to stabilize the government. They also cited dysfunctional policymaking as a factor in the downgrade, the first for the U.S.

The new Romney rhetoric coincides with a busier than usual campaign schedule. He will hold three events Monday in the first-in-the-nation primary state before heading to Iowa ahead of Thursday's presidential debate.

Filed under: 2012 • Economy • Mitt Romney • President Obama
soundoff (23 Responses)
  1. Lost in Texas FOREVER

    is he also going to talk about all the people he put OUT of work when he got richer taking over companies? I doubt that he will and no reporter there would have the stones to bring that subject up. Mitt is a fake, a filp/flopper and his own party really doesn't want him as POTUS. Pretty sad.

    August 8, 2011 08:38 am at 8:38 am |
  2. Biggge

    everyone watched on live TV how thw House GOP sunk us...The GOP was so worried about making Obama a one term president they sunk the nation. They still are doing the same thing today, we are in crisis and we still hear no solutions just sound bites... Sad day in America, we were downgraded because S&P has no confidence Congress can get things done...

    August 8, 2011 08:39 am at 8:39 am |
  3. TB

    Anyone who blames the President instead of the teabaggers for the S&P downgrade is an intellectually dishonest LIAR!

    August 8, 2011 08:39 am at 8:39 am |
  4. linell, FL

    Mcgraw Hill owns S&P. Who at McGraw Hill supports Romney? Maybe the CEO? This politics. Is this the same S&P that gave AAA ratings to all those mortagae derivitatives that caused our financial mess in the first place? As far as I am concerned you can start calling it the Tea Party Downgrade. Their intransigence and willingness to default message is loud and clear; to their credit, S&P did cite the TP message as one of the reasons for the downgrade.

    August 8, 2011 08:41 am at 8:41 am |
  5. LegendRx

    Who is this guy and why is he the front runner. Who would vote for this guy for president. He reminds me of what we called a sissy, He gives the impression of a mamma's boy. Always crying and lying. Never got his hands dirty but has a dirty secret. Nope, cannot see Mitt Romney as president.

    August 8, 2011 08:48 am at 8:48 am |
  6. 5041360

    wait 15 minutes and mitt will change his miind-

    August 8, 2011 08:49 am at 8:49 am |
  7. Diane

    Who is Mitt Romney to tell someone off. He willingly voted for the policies under the Bush administration that caused the economy to falter in the first place.

    August 8, 2011 08:49 am at 8:49 am |
  8. Desmond in Canada

    The very sad fact is that so many people of the USA do not deserve a person of outstanding integrity, intelligence and compassion like President Obama. What you deserve are the likes of Romney and the rest of the pack of wolves, including failin Palin who have presidential pretensions. Can the US people prove me wrong? THE WORLD NEEDS OBAMA.

    August 8, 2011 08:56 am at 8:56 am |
  9. 4merRepubCT

    Romney is ignoring the fact that a states S & P rating is tightly linked to that held by the federal government. He is also pretending that the Teajihadists don't exist, that they did not take the economy hostage, and were ready to default if they didn't get their way. If Obama had not been the mature, responsible party, the effects of Tea Party terrorism would have been much worse than an S & P downgrade.

    S & P was quite clear in what they were looking for from Congress – $4 trillion in deficit reduction based on spending cuts and revenue increases – exactly what Obama proposed. Boehner chose to reject that, and S & P did what they said they would do – downgrade. The only question is: is this part of Boehner's getting 98% of what he wanted, or is this a bonus for him?

    August 8, 2011 08:58 am at 8:58 am |
  10. Berry

    "Listen to the "Ax Man" who "Owned a Company", That went from Corporation to Corporation, "Firing Employees by the "Thousands" so that Company would make Billions more Profit????? How can "People actually see this "Profiteering Maniac as POTUS material, "Is greatly Un-Educated! Run Bachmann,Run, "We Dems are waiting "With Baited Breath".

    August 8, 2011 09:01 am at 9:01 am |
  11. sue

    Obama's failure to raise the debt ceiling was due to the stoneblocking of Tea Party and long as the Republicans or any party has donors like the one that donated $1 million to Romney in secret we will continue to be unable to get govenment back behind the People of this country instead of the is these big donors, whether it be a Weathy Person, big busnesses or Corporations, that are controlling our govenment and they back the GOP and that is the reason they will not compromise or raise taxes or get rid of their loopholes and Tax Credits.....this is the reason for the middle class and the common people of this country lossing out and our voices are not is this kind of money that the GOP hears not your voice not what this country needs but what the Wealthy and Powerful want and they are willing to pay big for it.....Romney will be controlled by these Corporation and the rest of the canidates will be controlled by the Tea if you want more of what we had seen lately they will continue to give the shaft to Seniors and Middle class the the unfortunate will totally be forgotten......real Christian isn't it?

    August 8, 2011 09:01 am at 9:01 am |
  12. afrommi

    What can we expect from a congress whose leader McConnell and his t partiers first and foremost priority is to and quote: "to make sure Obama fails" and " to make sure Obama is a one time president". Just by trying to accomplish that objective they have held hostage, 1st in 2010, the unemployment benefits and now the debt ceiling. Don't they realize that if the president fails WE ALL FAIL. He works for the US. It is like a company hiring a CEO and having a few subordinates sabotage the CEOs efforts to make the company successful. How unintelligent and illogical!

    August 8, 2011 09:04 am at 9:04 am |
  13. Marie MD

    The coward speaks. Nice of you to wait until the dust settled.
    Is this the same reason your grandaddy moved to Mexico? Of course not, he just wanted to be able to wed four women and help spawn 30 children. Have your boys, any of them, served their country yet?

    August 8, 2011 09:16 am at 9:16 am |
  14. ST

    What Romney is saying is totally nonsense. How can he compare the entire nation with the state of Mass.?

    August 8, 2011 09:22 am at 9:22 am |
  15. diridi

    Enough of this nasty mess by GOP idiots, and Tea Party thugs in Congress. World is laughing. Bush, and Reagan's mess we are experiencing today. o.k, Obama, just try to work hard, Bring back Troops from Two wars, Raise Revenue, by increasing Taxes on wealthy, Penalize the Companies which go abroad for Greed., Tax these and tell them to manufacture here in USA, Tax cheats, nab them, and jail them, Focus on Education, Restrict Immigration, and Citizenship, because, these guys are taking citizenship and sending our social security dollars to India, etc, Nab and Bust these idiots, o.k, Focus on "Energy Efficiency", Pump more small hybrid cars, relax bank loans, and watch as to who can pay back and who can not. Nation needs less population by cutting immigration.. Encourage Growth Industries, and Agriculture....we need to focus on Agriculture too.....o.k, Ship Agriculture products overseas, and GDP grows. All, Pray for our nation at this time. We will emerge as stronger nation than ever before, because we have lot of resources. o.k, God bless our nation, the USA!!!!!

    August 8, 2011 09:26 am at 9:26 am |
  16. Republicans Are The American Taliban

    Standard and Poors did this downgrade on purpose. They are using it to give their Republican watchdogs in Washington a new tactic to win the 2012 elections. They are paying back the Bush/Republican free money giveaway.

    August 8, 2011 09:31 am at 9:31 am |
  17. A Kickin` Donkey

    Examine Cause and Effect folks –

    This very article cite the two biggest CAUSES of the downgrade were that the DEFICIT reduction was not large enough AND that the Dysfuntional of washingtonal politics has frightened sane people in financial markets.

    Obama had Boehner moving to embrace a $4T+ "GRAND BARGIN" instad of the smaller deal that S&P finds unpersuasive. Sounds to me Mitt, that the President`s leadership was precisely on target.

    We Americans remember Boehner`s ABOUT FACE on this sweeping deal in the face of Tea Party pressure, Cantor`s plotting, and MCConnell`s "top priority" to defeat the President. That`s the beautiful thing – we have ALL of this on audio & video tape.

    And on the topic of DYSFUNCTION, sorry Mitt, most of us see the T-Party Republicans, including their postergirl, Michele, as the single largest dysfunctional addition to Washington.

    Finally, while Governor, how much Federal money, TAXPAYER money, did you receive to supplement Massachussett`s SPENDING? Before you go bragging about being fiscally responsible, let`s not ignore that you were helped by the very deficit you rail against.

    August 8, 2011 09:39 am at 9:39 am |
  18. Matt Landry

    He must feel protected to make any ingnorant comments he sees fit as he's wearing his magic protective underwear.

    August 8, 2011 09:40 am at 9:40 am |
  19. Angus001

    Don't blame Obama. Blame the republicans for not demanding spending cuts when they had the chance to fix our spending problem. The republicans and democrats are the same. They talk about different things being important but when it comes to the big stuff they are all the same.

    August 8, 2011 09:49 am at 9:49 am |
  20. New Age Independant

    Now Democrats are playing the blame/conspiracy game. How typical of the party when they fail to provide a viable plan. As I predicted over a year ago, they will now try to deflect and blame it all away. There is no accountability with the Democrats, it's always the fault of another. They will continue to use blame for everything, the race card is already starting to be played by some.

    August 8, 2011 09:53 am at 9:53 am |
  21. A real American

    Did he actually read S&P's report? They explicitly blame the republicans. Read it for yourself and see.

    August 8, 2011 09:54 am at 9:54 am |
  22. Let's get rational now

    While not that thrilled on Obama, I have to say I could not in good conscience vote for any republican for president. Any person who supports tea party extreme politics and says no to any form of closing of tax loophole or revenue solution in deficit reduction is just plain wrong. Any party who has members (especially ones who run for president) that sign pledges to private citizens saying they won't do something or they will only support one way or the highway is just plain wrong. These are people who are going to influence policy and appoint justices. We can't and should not have closed minded thinking in the White House. Sorry Mitt, if you were an independent I would maybe support you. As a republican you have absolutely no chance at my vote.

    August 8, 2011 09:55 am at 9:55 am |
  23. Marry

    ...Mitt Romney will continue his attacks on President Barack Obama…
    The GOP/TP shows itself for what they are really are every day again and again: The party of „NO!“ never mind the consequences. And when THEIR behavior produces the predicted negative results, IT IS AGAIN THE PRESIDENT THAT IS AT FOULT????? How some people find that “attractive” or “responsible” behavior of the GOP/TP and the clowns that pander to them to get “elected” is hard to understand! Shame on people that just in order to oppose the (black) President push the American and World economies over the brink! Disgusting!!!

    August 8, 2011 09:56 am at 9:56 am |