House GOP Plan Vote on Soc. Sec. Private Accounts

WASHINGTON -- House Republican leaders on Wednesday pledged to seek a vote this year on legislation creating a scaled back version of President Bush's call for personal retirement accounts under Social Security, The Associated Press reported.

Republicans said the measure would create personal accounts for younger workers, and some of the funds would be used to replace part of their traditional benefit. At the same time, they added, the accounts could be inherited under some circumstances.

The program would be temporary, lasting only as long as Social Security takes in more in payroll taxes than it spends in benefits -- 2016 under official forecasts. The program would also raise the government's official deficit estimates by as much as $1 trillion over a decade.

Democrats swiftly attacked the plan. Rep. Steny Hoyer, D-Maryland, said Republicans were setting up a "shell game" out of a desire to undermine the Depression-era benefit program.

-- NYSSCPA.org News Staff

Posted on 6/29/05