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Monday March 28, 08:32
Personal accounts remain heated point in Congress
(by Brigitta Zulfitzler)
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Then-Gov. George W. Bush’s proposal to establish individual investment accounts in the Social Security system seems to face heated debates in Congress. Administration officials acknowledge this problem and say Bush may be in need of building different coalitions in the House and the Senate.
The question is that the views of Democrats and Republicans are extremely vary on this point. Most congressional Democrats would agree to a compromise on other issues but the personal accounts. Republicans, on the contrary, refuse to approve legislation excluding the accounts.
The resource of the personal accounts makes another disputable problem. Lawmakers can avoid borrowing the $1 trillion to $2 trillion by raising taxes or by scaling back benefits. The first variant is unacceptable for Republicans, the latter for most Democrats.
Despite all the differences, both parties are highly concerned about the deficit, which reached a record $412 billion last year. As the main goal of a Social Security bill should be to ensure that someone ``who works all his or her life doesn’t retire in poverty,’’ the budget deficit is certainly the main obstacle for it.
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