Sunday, December 12, 2004

Republican Warns Bush on Social Security Reforms

Republican Warns Bush on Social Security Reforms

By David Morgan

WASHINGTON (Reuters) - A Republican congressional proponent of Social Security reform warned President Bush on Sunday not to rely on a sharp increase in government borrowing to overhaul the federal retirement program.

U.S. Sen. Lindsey Graham of South Carolina said reliance on borrowing to finance an estimated $1 trillion to $2 trillion in transition costs would be irresponsible and could undermine Bush's tax- and deficit-cutting goals.

"What I'm asking of the president, when it comes to the transition costs, be flexible," said Graham, who has proposed a temporary rise in payroll tax contributions to finance Social Security's shift to partial privatization.

"I think it's irresponsible to borrow the whole trillion dollars," he told "Fox News Sunday."



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