Paulson: Social Security Reform Hopes Slim

WASHINGTON -- Treasury Secretary Henry Paulson conceded Friday that chances are slim for agreeing on a way to reform Social Security financing but said he will keep trying to find bipartisan support for it, Reuters reported.

"There's not a high degree of likelihood. I'm not naive, given how politically contentious this is, that we'll get this done," Paulson said in a televised interview, according to Reuters.

Paulson said it is important to try to "get people together and come to the table without preconditions" but, if it doesn't work, at least he will "move the ball downfield" and get in position for reform in the future, Reuters reported.

Democrats, however, are suspicious that the Bush administration wants to revive its proposal to make private accounts part of Social Security as it unsuccessfully sought to do in 2005. Paulson's comments on CNBC Television on Friday implied he did not think the odds were high for finding a bipartisan solution.

-- NYSSCPA.org News Staff

Posted on 2/2/07