Bush Shops Social Security Plan(Rep. McCrery -R- supports ADD-ON only)

[papau]

http://www.washingtonpost.com/wp-dyn/articles/A61523-2005Feb3.html

Bush Shops Social Security Plan
Seeking Support, President Visits States of Vulnerable Democratic Senators
By Jim VandeHei and Mike Allen
Washington Post Staff Writers
Friday, February 4, 2005; Page A01


FARGO, N.D., Feb. 3 -- President Bush pressured skeptical lawmakers Thursday to back the most dramatic Social Security changes in the program's 70-year history, targeting politically vulnerable Democratic senators to rally support for his plan.

One day after he used his State of the Union address to promote his plan to carve personal accounts out of the public retirement system, Bush emphasized the financial benefits of allowing Americans younger than 55 to invest a portion of their payroll taxes in personal retirement accounts.

"It's your money," he told thousands of supporters at the University of North Dakota. "It's money you can decide to leave to whomever you want. It's money the government can never take away."

In his campaign-style appearances, Bush did not address the costs and risks associated with his proposal. But back on Capitol Hill, his plan met stiff opposition. Democrats and a few key Republicans warned that personal accounts would push budget deficits to dangerous heights and inject too much uncertainty into a program that has offered seniors a guaranteed benefit for the past seven decades.

In an unexpected blow to the administration, Rep. Jim McCrery (R-La.), chairman of the subcommittee that handles Social Security, said Bush's plan must be changed in a fundamental way if it is to have a chance. McCrery said he should scrap the idea of funding accounts with money earmarked for the Social Security trust fund.

"It seems to me that if we insist on diverting payroll tax revenue, we have ensured opposition from the AARP and probably every single Democrat in the House and Senate, and that's not a good place to start," McCrery said in a telephone interview.
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