Democratic Leader Nancy Pelosi released the following statement on the one-year anniversary of S&P's downgrade of America's credit rating, which falls on Sunday, August 5th:
"One year ago, Republicans manufactured an unnecessary and dangerous debt limit crisis that resulted in our country's first-ever credit downgrade -- weakening consumer confidence, undermining job growth, and injecting uncertainty into our economy.
"We now know that Republicans' partisan political brinksmanship cost taxpayers at least $1.3 billion in borrowing costs. Yet Speaker Boehner and his Republican colleagues are threatening more of the same, pledging to hold the debt limit, the American economy, and middle class tax cuts hostage once again.
"America's families, small businesses, and middle class cannot afford the risk of another crisis and another downgrade. This is not the time for more threats. It is time for Republicans to work with Democrats on a bipartisan, balanced, responsible plan to reduce the deficit, avoid drastic cuts that harm our economy, create jobs, and spur prosperity, opportunity, and fairness for all Americans."