The Bush Administration has published that Social Security is facing a 13.6 trillion dollar shortfall in the coming years. Delaying needed and necessary reforms is unfair to younger workers , in its estimation.
A special report issued by the American Treasury Department noted that some combination of benefit cuts and tax increases will need to be considered and implemented permanently to fix the funding shortfall. However white house officials have stressed that President George W. Bush remains opposed to raising taxes. Bush had hoped to make Social Security reform its top domestic priority of its second term. President Bush had put forward a Social Security reform plan in 2005 that focused on creation of private accounts for younger drivers but that proposal never came up for a vote in American Congress. with Democrats opposed and few Republicans embracing the idea. While Democrats have fought to protect current benefit levels , Republicans have been adamant that taxes should not be raised to cover the Social Security shortfall.
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