W.House: Borrowing to Help Fund Social Security Plan
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The White House said on Monday for  the first time that President Bush's plan to add personal  retirement accounts to Social Security would be financed in  part by new government borrowing that could top $1 trillion.
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Vice President Dick Cheney on Sunday  acknowledged trillions of dollars in future borrowing may be  needed to cover the cost of private retirement accounts under  President Bush's plan to retool the Social Security system.
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The US Treasury Department will hit its legally authorized ceiling for borrowing early this month and will urge Congress to raise it, a Treasury spokesman said on Monday.
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Social Security and tax code changes could strain the federal budget. The president could use a rising GDP.
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CRAWFORD, Texas  - Facing record budget deficits,  the Bush administration likely will turn to short-term  government borrowing to help finance its plan to add personal  retirement accounts to Social Security, officials said on  Saturday.
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The US House of Representatives approves a major financial package designed to stimulate the US economy.
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When it comes to Social Security, President Bush says saving the system from bankruptcy can&#39;t wait. He says it&#39;s time to give workers the ability to invest some of their contributions -- and he says guidelines
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The Bush administration spent at least $2.8 million traveling around the country promoting its plan to let many people divert a portion of their Social Security taxes into private retirement accounts, congressional investigators said Friday.
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WHAT'S POSSIBLE: Social Security disability benefits may not be safe from the across-the-board cuts that are likely in President Bush's proposal to allow personal investment accounts.
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President Bush's advisers have settled on a proposal for structuring the personal accounts they hope to create in Social Security, while on Capitol Hill Senate Democrats were launching an effort to defeat the plan altogether.
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401(k) credit card would give millions of American workers the chance to borrow their own money from their retirement savings plans.
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The House on Tuesday approved a plan to expand federal backing of mortgages in hopes of helping struggling homeowners avoid foreclosure
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President Bush said Thursday the Social Security investment accounts he is proposing would have rules to prevent workers from gambling away their retirement money. He appealed for congressional action to shore up the system and said lawmakers supporting him wouldn't be risking their seats.
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The Federal Reserve chairman gave his blessing to individual investment accounts in Social Security but expressed unease about additional government borrowing.
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President Bush challenged a hesitant Congress on Wednesday to "strengthen and save" Social Security, saying the nation's costliest social program was headed for bankruptcy unless changed. Bush's plan would cut guaranteed retirement benefits for younger Americans but would not affect checks for people now 55 and older.
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U.S. Treasury Secretary John Snow repeated on Sunday the Bush administration would support complete debt relief for the poorest countries and said details of how to implement a plan could be worked out.
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US Treasury Secretary John Snow said creating private investment accounts within the Social Security system will help the federal program avoid ``deep cuts&#39;&#39; in benefits or ``huge&#39;&#39; increases in payroll taxes.