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GOP Presidential Candidate Rep. Michele Bachmann (R-MN) released the following statement on President Barack Obama’s speech on the economy:“After a weekend of hiding out at Camp David, pretending that the Standard and Poor’s ratings do not matter and hoping the markets wouldn’t notice, the President discovered he was wrong on both counts. He came out just long enough today to again declare that raising taxes and cutting Medicare are his only solutions to our nation’s economic crisis. He dismissed the downgrade of our country’s credit rating, and argued that there’s no more room for spending cuts in Washington.
“The President was right about one thing: Americans have suffered through tough times for the past two-and-a-half years. But his out-of-touch answer was to claim that the White House would work on a new plan. How many times has the President convened a council, called a meeting, or vowed to focus on job creation and economic recovery? Mr. President, the American people have spoken and now a credit ratings agency has echoed their message: your economic policies have failed.
“The President says our nation’s economic problems are ’eminently solvable,’ but it is painfully obvious that President Obama does not have the leadership capacity to put our country back on the right track.”
Speaker of the House John Boehner:
“I agree with the President that we did not need a ratings agency to tell us America is facing a debt crisis. Uncontrolled spending over decades – by both parties – has created an environment of economic uncertainty that is destroying jobs. And just as both parties contributed to our unsustainable debt, both parties must work now to cut spending. Republicans have demonstrated this problem can be solved without job-destroying tax hikes. We passed a budget that would spend $6.2 trillion less than the President’s proposal; we passed a Cut, Cap, and Balance plan that would save trillions of dollars; and, with the Budget Control Act, we passed a meaningful down payment on deficit reduction – all without tax increases. But difficult work remains, and over the next few months members of the Joint Select Committee will need to make tough choices to rein in the mandatory and entitlement spending that is driving our long-term debt. It is welcome news that the President will contribute to this process by laying out specific reforms he supports.
“As we are reminded today, this challenge is ultimately about jobs and our economy. Providing economic certainty and creating an environment in which businesses can invest and jobs can flourish must remain our number-one focus. That’s why raising taxes is simply the wrong approach. I look forward to working with leaders of both parties to reduce spending, boost confidence, and give American small businesses the stability they need to create jobs.”
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