Bush to zero in on taxes and Social Security in second term
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Newly re-elected President Bush faces a range of economic challenges including gaping deficits, soaring health care costs and conflicts over trade.
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Social Security reform, tax simplification and an aggressive pursuit of the war on terrorism top President George W. Bush&#39;s agenda for the next four years, he told reporters Thursday.
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Contending Americans have embraced his conservative agenda, President Bush pledged Thursday to aggressively pursue major changes in Social Security, the tax code and medical malpractice awards, working with Democrats if they are receptive and leaving them behind if they're not.
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President Bush made a fresh push Saturday for a new Social Security plan in which Americans would be allowed to channel a small portion of their income into "personal savings accounts," warning that inaction could end the retirement system.
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President Bush heads into his second term with the stabilization of Iraq under a democratic government as his top policy goal. But he also has unfinished domestic business, including making his sweeping tax cuts permanent, reforming Social Security, and promoting energy production.
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Estimates are that by 2018 the Social Security system will start paying out more in benefits than it collects in taxes. By 2042, with the deficit approaching $13 trillion, the tax revenues are only expected to cover about 73 percent of benefits owed.
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President Bush will use a two-day  economic conference this week to try to build support for a  planned overhaul of Social Security his critics say could put  the retirement system at risk.
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President Bush is not ruling out raising taxes on people who earn more than &#36;90,000 as a way to help fix Social Security's finances.
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President Bush, poised to submit his new budget to Congress next week, warned Saturday that unless programs like Medicare and Social Security are changed, future generations will face tax hikes, government red ink or huge cuts in benefits.
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With federal deficits already running amok, it is unclear how President Bush will pay for his second-term agenda, a potentially multitrillion-dollar smorgasbord that includes overhauling Social Security and revamping the tax system.
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The challenge awaiting President Bush is to offer a plan for restoring the Social Security system to financial balance.
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A look at some of the initiatives that President Bush is likely to push in his second term, and the unanswered questions that go with them.
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Does replacing personal income and payroll taxes with a national sales tax, an idea President Bush has shown interest in, help the U.S. tax system?
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President Bush said Thursday that "now is the time to confront Social Security" to deal with a projected $3.7 trillion, 75-year shortfall and give younger workers the ability to invest some of their contributions into personal accounts.
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A second Senate Democrat said Friday he was open to President Bush's idea of letting people divert some of their Social Security taxes to personal retirement accounts as Republican Party leaders tried to allay re-election fears among wavering GOP lawmakers.
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President Bush asked Congress on Monday to slash taxes by $1.9 trillion over the next decade, cementing his first-term tax cuts while changing the way health insurance is taxed.
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President Bush appeared quite cheery at his press conference last week. But that glow will be tested in the months ahead as he faces the task of putting America&#39;s fiscal house in order after four years of massive tax cuts and rampant overspending.