White House Talks Flexibility on Accounts

KIRTLAND, Ohio -- The White House signaled for the first time Friday that it may be willing to compromise on how private retirement accounts are created as part of a Social Security overhaul, as President Bush continued to push for major changes in the nation's biggest retirement program, The Associated Press reported.

''We're not going to get into ruling anything in or out,'' presidential spokesman Scott McClellan said as Bush traveled here for a Social Security speech.

McClellan was asked about comments by the president's chief economic adviser that Bush is willing to consider the creation of individual investment accounts as an ''add-on'' to the Social Security system, as Democrats want, rather than financing them with a portion of Social Security payroll taxes, as Bush has been advocating.

''We haven't ruled it out, we haven't ruled it in, but we're certainly willing to discuss it,'' said Allan Hubbard, head of the National Economic Council ''It really comes down to what the proposal is.'' He spoke at a breakfast meeting with reporters and was quoted by USA Today.

-- NYSSCPA.org News Staff

Posted on 4/15/05