Republicans not giving up on Social Security revamp
Posted on: Thursday, 14 July 2005, 17:25 CDT
By Donna Smith
WASHINGTON (Reuters) - Key Senate Republicans on Thursday vowed to push for President Bush's plan to revamp Social Security despite congressional delays and solid Democratic opposition.
Senate Finance Committee Chairman Charles Grassley of Iowa acknowledged after a closed door meeting that lawmakers would not act until after the August recess. He had initially hoped for action this month but is still seeking agreement among his fellow Republicans and has not won over Democrats.
"The Finance Committee will continue its work on Social Security by studying the options and considering how we might achieve solvency and incorporate personal accounts," he said in a statement.
On Wednesday House Republicans said they would delay action on Bush's top domestic priority until at least September.
Lawmakers blamed the delay on a rush of other matters including energy legislation and a Central American trade pact. But Bush is having trouble building public support for his plan to allow workers to invest a portion of their Social Security taxes in individual accounts invested in stocks and bonds.
Democrats say the private accounts would undermine Social Security's finances and add to huge budget deficits. Even some of Bush's own Republicans have expressed skepticism.
Grassley has put forward several options, including legislation dealing only with solvency issues facing Social Security. But some senators advocate the opposite approach, and want to move legislation dealing only with private accounts, leaving benefit cuts, retirement age increases and other measures addressing the program's cash flow for another day.
Sen. Lindsey Graham, a South Carolina Republican who strongly supports individual accounts, said he believes Bush could still succeed despite the delays, even if the debate spills into the 2006 congressional elections.
"It may be the death blow, but it may give it new energy," said Graham who successfully campaigned on the private accounts issue.
Source: REUTERS
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