San Francisco – Democratic Leader Nancy Pelosi released the following statement today on the two-year anniversary of the S & P downgrade of the U.S. government credit rating:
“Two years ago, congressional Republicans held hostage the full faith and credit of the United States of America. A Republican-manufactured debt limit crisis made the world question whether our country would continue to pay its bills. Unnecessary Republican brinksmanship led to the first credit downgrade in our nation’s history – and the American people and economy paid the price.
“The coming months will see renewed debates on government funding and the debt ceiling – and for the sake of the economic security of hardworking families and small business owners, we cannot let history repeat itself. Another unwarranted crisis could result in lost retirement savings for seniors, higher mortgage payments for homeowners, and rising credit card rates for consumers. Americans simply cannot afford more Republican obstruction, distraction, and delay.
“Democrats have been clear: we are ready to find common ground on a fair budget agreement, but we will not support any resolution that destroys jobs, ends the Medicare guarantee, or puts insurance companies back in charge of Americans’ health care. Two years after the credit downgrade, Democrats are calling on Republicans to join us at the table to avert a further crisis, to build a stronger economy, and to enact a plan that creates jobs and responsibly reduces the deficit.”