WASHINGTON -- April 29 -- House Democratic Leader Nancy Pelosi today released the following statement on President Bush's press conference last night:

"Middle-class Americans are paying the price for Republican policies. Wages are not keeping up with inflation. People are working the same amount of time for less money and are paying higher prices at the pump and for prescription drugs. Republican policies are making the middle-class squeeze worse.

"President Bush struck another blow to Americans' wallets last night when he proposed the single biggest cut in Social Security benefits for the middle-class in history.

"The President is right about one thing: the American people do expect their leaders in Washington to address Social Security's long-term problems. The difference is that Democrats believe that slashing Social Security benefits to pay for privatization is the problem, while Republicans believe massive benefit cuts are the answer.

"The first step we must take to strengthen Social Security is to pay back the money the Republicans borrowed from Social Security to pay for their misguided policies.

"Democrats stand ready to strengthen Social Security on a bipartisan basis so that all Americans get the guaranteed benefits they have earned. The President and Republicans in Congress should begin considering proposals that strengthen Social Security in a way that does not gut benefits for middle- class families and does not place retirees at the mercy of the stock market."

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