WASHINGTON, April 27 /PRNewswire-USNewswire/ -- Speaker Nancy Pelosi released the following statement on the first meeting today of President Obama's National Commission on Fiscal Responsibility and Reform:

"President Obama's fiscal commission is charged with making decisions to rein in our national debt and restore accountability and common sense to our budget. But we must remember how we got here in the first place.

"President Bush and the Republican Congress created those record deficits, nearly doubled the national debt, and protected Wall Street and Big Banks over Main Street. They ignored the middle class while giving massive tax cuts to the wealthiest and fighting two wars they refused to pay for. Their policies brought the American economy to the brink of collapse, cost millions their savings and their retirement investments, and resulted in the loss of 8 million jobs.

"Since assuming the majority of Congress, Democrats have changed course. We restored tough pay-as-you-go budgeting as the law of the land and took strong action to eliminate waste and fraud from our budget. We banned earmarks for for-profit companies and passed a budget that brings down our deficits. We enacted health insurance reform that cuts our deficit by more than $1 trillion over the next two decades. We are demanding that we hold Wall Street accountable by barring the irresponsible actions and profiteering that put our economic security at risk. And we passed laws from health care to energy to create American jobs and build a new foundation for our economy – already creating or saving 2.5 million jobs.

"Our children and grandchildren are counting on this Commission and Congress to do what's right for our budget and for our fiscal security. We must do everything in our power to keep our promise of fiscal discipline and responsibility now and in the future."

SOURCE Office of the Speaker of the House