Pelosi Statement on Credit Rating Agency Announcement Today

Contact: Nadeam Elshami/Drew Hammill, 202-226-7616

Washington, D.C. - Democratic Leader Nancy Pelosi released the following statement on the announcement by Standard and Poor’s today:

"Today’s announcement is yet another reminder that financial markets are closely watching efforts by the President and Congress to reduce the deficit in order to promote economic recovery and create jobs.

“Both Democrats and Republicans must participate in the process initiated by President Obama last week to demonstrate our commitment to reducing our deficit through shared responsibility.

"I have appointed Assistant Democratic Leader Jim Clyburn and Congressman Chris Van Hollen, Ranking Member of the House Budget Committee, to the bipartisan, bicameral negotiations on deficit reduction, which will be chaired by Vice President Biden. House Democrats will enthusiastically participate in these crucial discussions with a full commitment to growing the economy by creating jobs, strengthening the middle class and responsibly reducing the deficit."