Pelosi: Fiscal panel proposal 'is simply unacceptable'

House Speaker Nancy Pelosi on Wednesday made one of the loudest statements against a draft proposal released by President Obama's fiscal panel, calling it "simply unacceptable."

Pelosi (D-Calif.) said that the proposal, which includes steep spending cuts, Social Security benefit reductions, and tax reforms that would raise revenue, harms the elderly and middle class.

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"This proposal is simply unacceptable," she said in a statement. "Any final proposal from the Commission should do what is right for our children and grandchildren’s economic security as well as for our nation’s fiscal security, and it must do what is right for our seniors, who are counting on the bedrock promises of Social Security and Medicare."

She added that the plan "must strengthen America’s middle class families–under siege for the last decade, and unable to withstand further encroachment on their economic security."

Pelosi's comments echo the sentiments of liberal lawmakers and activists, who have largely condemned the draft plan over its cuts to Social Security benefits. 

With Democrats having been voted out of the majority last week, the California Democrat is vying for a term as minority leader. She already enjoys support among the vast majority of House liberals, but a largely centrist handful of House Democrats do not want her to lead the caucus next year. 

The recommendations of the bipartisan co-chairmen of the National Commission on Fiscal Responsibility and Reform have not been approved by the 14 of the 18 commissioners. The commission is expected to release its completed report in early December.

President Obama will wait to comment until the report is finalized, the White House said Wednesday.

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