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December 6, 2004 12:14 PM

Social Security Reform = New Debt


Excerpt: The White House said Monday for the first time that President Bush's plan to add personal retirement accounts to Social Security would be financed in part by new government borrowing.


The White House said Monday for the first time that President Bush's plan to add personal retirement accounts to Social Security would be financed in part by new government borrowing.

Bush has made reform of the U.S. retirement program a top priority in his second term and the White House said the president would discuss options in a meeting later in the day with top congressional leaders.

"The president, at this point, has not endorsed a specific plan,'' White House spokesman Scott McClellan said.

But McClellan said: "There will be some upfront transition financing that will be needed to move toward a better system that will allow younger workers to invest a small portion of their own money into personal savings accounts.''

Asked if the transition, the cost of which has been estimated at $1 trillion to $2 trillion, would be financed by additional government borrowing, McClellan said: ``That's what you're looking at doing as part of the transition to a better Social Security system.''

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Read all 21 posts in the same category of Economy:

U.S. Quiet on China Trade Tax - Dec 17, 2004
Fed Raises Interest Rates for 5th Time This Year - Dec 17, 2004
OPEC Considers Output Cut to Keep Prices From Falling - Dec 09, 2004
A Plan For U.S. Energy Security? - Dec 08, 2004
Fed Heading For A Pause - Dec 07, 2004
Fed Sees Growth, Measured Rate Hikes - Dec 05, 2004
Weak Employment Rport Casts Doubts Over US Economic Strength - Dec 05, 2004
Fed: Inflation Not Setting Off Alarms - Dec 05, 2004
Balancing Act On The Buck - Dec 04, 2004
Job Growth Is Well Below Wall Street Forecasts - Dec 03, 2004
Fed Reports Growth In 11 Of 12 Regions - Dec 02, 2004
Inflation Under Control, Fed Gov. Says - Dec 02, 2004
Global Forecasts for 2005 Growth Are Reduced - Nov 30, 2004
Borrowing For Social Security Plan? - Nov 28, 2004
No Longer Top Dollar? - Nov 26, 2004
Don't Worry ... Don't Be Happy - Nov 26, 2004
Is Another Recession Brewing? - Nov 25, 2004
Inflation Is Tame, Right? - Nov 24, 2004
The Dollar Is Down, But Should Anyone Care? - Nov 21, 2004
Bush Sets Plans To Revamp Taxes, Social Security - Nov 04, 2004