Pelosi Statement on Treasury Secretary Letter on Shortened Debt Limit Deadline

Contact: Drew Hammill/Evangeline George, 202-226-7616

San Francisco – Democratic Leader Nancy Pelosi released the following statement on the letter Treasury Secretary Jack Lew sent to Members of Congress today, announcing Congress will have to act on the debt limit by November 3, two days earlier than previously announced:

"The Secretary of the Treasury has warned us that Congress must act before November 3 to protect the full faith and credit of the United States.

"Failure to protect the full faith and credit of the United States would have a devastating impact on hard-working families across the country – including tumbling retirement savings and soaring interest rates for student loans, mortgages, credit cards, and car payments. As we saw in 2011, even the threat of refusal to honor the full faith and credit of our nation has serious consequences.

"Our credit rating must not be threatened by the fever that has gripped the Republican Congress. It's time for Republicans to end their Calendar of Chaos and join Democrats on a path to progress. Republicans should bring forward a clean bill to honor the full faith and credit of the United States immediately."

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