Speaker Nancy Pelosi (D-Calif.) notified members of her Caucus on Tuesday that they won’t be getting a pay raise next year.

“Because of the condition of our economy and the financial crisis our country is in, the leadership will be instructing the Appropriations Committee not to include a [cost-of-living adjustment] for next year in the appropriations bill … for fiscal year 2010,” Pelosi said.

Pelosi said leadership is also asking committee chairmen to hold hearings on how tax dollars are being spent at the agencies under their jurisdiction. “We’ll be looking at everything from entitlements to defense spending, student loans to every dollar that the federal government spends,” Pelosi said.

House Majority Leader Steny Hoyer (D-Md.) said he agreed with Pelosi, saying, “It would not be appropriate for us to do COLA next year.”