WASHINGTON, July 30 /PRNewswire-USNewswire/ -- Speaker Nancy Pelosi issued the following statement today on the Seniors Protection Act, introduced today by Social Security Subcommittee Chairman Earl Pomeroy of North Dakota.  The legislation would provide retirees and other beneficiaries a one-time $250 payment if the Social Security Administration announces that there will be no cost of living adjustments for Social Security benefits in 2011:

"The Seniors Protection Act provides Social Security recipients with a special payment that will help millions of Americans who rely on Social Security to make ends meet.  Our legislation is fiscally responsible – it will be fully paid for, not adding a dime to the deficit – and it deserves bipartisan support from all Members of Congress.

"Congressional Republicans should stand behind the Seniors Protection Act and abandon their promises to pursue – once again – a risky scheme to privatize and cut Social Security, turning over our seniors' retirements to the whims of Wall Street.

"Americans work their entire lives to earn Social Security.  During this time of hardship in our economy, the Seniors Protection Act ensures that we uphold our bedrock promise of economic security for our nation's seniors and retirees."

SOURCE Office of the Speaker of the House