Aide: Bush to Outline Social Security Solvency Options

NEW YORK -- President Bush plans to shift the focus of Social Security overhaul to solvency solutions for the fund and away from the personal accounts he has been promoting for the past three months, Bloomberg News reported Thursday citing a White House official involved in the issue.

Possibly as early as Thursday night's scheduled press conference, Bush will indicate he's amenable to a package that includes greater benefit cuts for high-income individuals, raising the retirement age, and reduced incentives for early retirement, this official, speaking on condition of anonymity, said.

The administration also favors a minimum Social Security benefit for the poor, the aide said. Bush is not expected to go beyond what he has already said on any tax increase; he has ruled out raising the payroll tax rate but would consider raising the amount of income subject to Social Security taxes.

“There will be some new proposals he will talk about that he believes ought to be part of any solution,'' another aide, spokesman Scott McClellan, told reporters today in previewing Bush's 8:30 p.m. news conference.

-- NYSSCPA.org News Staff

Posted on 4/28/05