"I was hopeful President Bush would be more specific this evening about his privatization plan for Social Security. It's clear the president doesn't want to level with the American people about the large benefit cuts they'd face if his risky privatization plan ever became law. Rather than strengthening Social Security, the president's proposal weakens the program by diverting funds already guaranteed to future beneficiaries into private accounts that don't offer the same security.

"The president also refused to explain where exactly he'd find the initial $2 trillion needed in administrative costs to get his private accounts up and running, or the $6 trillion needed over the next ten years.

"With another record deficit this year, the Bush administration's fiscal irresponsibility must come to an end before it has dire consequences on our economy and our children's future. The president can trim agency budgets all he wants, but it will be meaningless if he then tries to stick future generations with the trillions needed to administer his privatization plan."