NEWS FLASH

Pelosi: ‘It Is Clear We Must Enter An Era Of Austerity’ | In a statement that is shocking many pundits, House Minority Leader Nancy Pelosi (D-CA) warned the country, “It is clear we must enter an era of austerity; to reduce the deficit through shared sacrifice.” However, Pelosi denounced the plan put forward by Speaker John Boehner (R-OH) as “a short-term plan that burdens the middle class and seniors and continues debate about whether we will default in a few months from now.” Democrats have given up on their demands for a balanced plan with new revenue, but the two sides remain divided over their respective plans for deficit reduction. And both sides seem to be expecting the worst and preparing the country for the same. “We’re about to go over a cliff here,” Sen. Harry Reid (D-NV) said Monday afternoon.