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1/14/2005

Bush Plan to Abolish Social Security Not in 2006 Budget

From the CQ midday update:

The cost of the Social Security overhaul sought by President Bush will not be included in the president's fiscal 2006 budget proposal because the administration has not completed its proposal for the entitlement program, Office of Management and Budget Director Joshua B. Bolten said today during a question-and-answer session at the U.S. Chamber of Commerce. The news was not unexpected. The White House had previously indicated that Bush will not settle on a specific Social Security proposal in time for such a plan to be reflected in the budget proposal due Feb. 7 on Capitol Hill. Nonetheless, Democrats and some outside the White House -- including the Cato Institute, which supports Bush's Social Security proposal to allow a portion of payroll taxes to be invested in private accounts -- had said the budget should include at least a ballpark estimate of the cost.

 

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