Washington, D.C. - Democratic Leader Nancy Pelosi released the following statement on proposals announced today to reduce the deficit and avoid default:
“It is clear we must enter an era of austerity; to reduce the deficit through shared sacrifice.
“The President has called for a ‘grand bargain,' which provides long-term deficit reduction based on shared values and sends a message of confidence to the markets.
“The latest proposal from the House Republicans is a short-term plan that burdens the middle class and seniors, and continues this debate about whether we will default in a few months from now.
“Senator Reid has put forward a responsible plan to reduce the deficit that protects the middle class, and Medicare, Social Security and Medicare beneficiaries. It also includes many proposals already supported by Republicans.
“We must come together for an agreement because our economy and middle class will suffer from a default.”