Pelosi Statement on Treasury Secretary Letter to Congress on Debt Limit

Washington, D.C. – Democratic Leader Nancy Pelosi released the following statement on the letterTreasury Secretary Jack Lew sent to members of Congress today, highlighting the upcoming expiration of the Temporary Debt Limit Extension Act on March 15 and announcing the Treasury Department will be forced to begin extraordinary measures to continue to finance the government:

"The Treasury Secretary's letter is another reminder of the consequences of Republicans' culture of crisis. There is no reason that the Republican Congress should not act immediately to take the prospect of a catastrophic default off of the table. Failure to act would have savage impacts on American families: tumbling retirement savings and soaring interest rates for student loans, mortgages, credit cards, and car payments.

"Republicans' unending manufactured crises present a very real danger to the security of American families. As critical deadlines loom that threaten millions of seniors' access to their doctors, jeopardize critical infrastructure projects at the dawn of the summer construction season, and other challenges, the American people cannot afford a Republican Congress more interested in hostage-taking than legislating.

"Republicans are only stoking the fires of uncertainty – needlessly threatening to derail our historic 12-month stretch of 200,000 plus monthly job creation. House Republicans need to stop creating crises and work with House Democrats to advance the needs of America's families. Congress should act swiftly and responsibly to protect the full faith and credit of the United States, and start creating bigger paychecks and better infrastructure for America's working families."