August 6, 2011
Republican presidential candidate and former Massachusetts governor Mitt Romney slammed President Obama Friday after Standard & Poor’s downgraded the U.S. credit rating from AAA.
“America’s creditworthiness just became the latest casualty in President Obama’s failed record of leadership on the economy,” Mr. Romney said in a statement. “Standard & Poor’s rating downgrade is a deeply troubling indicator of our country’s decline under President Obama.”
Mr. Romney, who is largely seen as the Republican front-runner, made the comment just hours after the credit rating agency downgraded the U.S. credit rating, send shockwaves through the U.S. political system.
The former Massachusetts governor slammed the Obama administration, saying his administration’s economic policies were to blame for the downgrade.
“His failed policies have led to high unemployment, skyrocketing deficits, and now, the unprecedented loss of our nation’s prized AAA credit rating. Today, President Obama promised that ‘things will get better.’”
The agency, which had warned of a possible credit downgrade, issued a statement late Friday after markets closed, squarely placing blame on Congress.
“We lowered our long-term rating on the U.S. because we believe that the prolonged controversy over raising the statutory debt ceiling and the related fiscal policy debate indicate that further near-term progress containing the growth in public spending, especially on entitlements, or on reaching an agreement on raising revenues is less likely than we previously assumed and will remain a contentious and fitful process,’ the agency said in a statement.
The White House has yet to react to the downgrade, which comes just days after lawmakers reached a last-minute deal to extend the nation’s $14.3 trillion debt limit.