Pelosi: Both Parties Must Reduce Deficit

U.S. House Democratic Leader Nancy Pelosi said Monday that Standard & Poor's downgrade of the U.S. credit outlook showed both Democrats and Republicans must "demonstrate our commitment to reducing our deficit through shared responsibility."

"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," she said in a statement.