"Although it is important to address the long-term financial condition of Social Security, I remain committed to ensuring that current beneficiaries and those nearing retirement receive their full benefits," said Rep. Cliff Stearns (R-Ocala). "In addition, this vital program must be preserved for future generations."

More than 47 million Americans receive Social Security retirement, survivors, and disability benefits. It is projected that in 2018 Social Security benefits paid will exceed the funds collected and that the trust fund will be exhausted in 2042. In order to enhance retirement savings of younger workers, President Bush has proposed allowing them to voluntarily save some of their payroll taxes in a personal account for their retirement. Each personal account would be under the individual worker's ownership and control.