House Repubs hope to vote of Soc Sec Priv Accts in July or Sept

[housewolf]

House may vote in July on Social Security plan
Turning point in bitter partisan stalemate over private accounts

House Republican leaders pledged to seek a vote this year on legislation creating a scaled back version of President Bush's call for personal retirement accounts under Social Security.

The measure "begins to take that Social Security trust fund and put it into an account that will be there" for wage earners, Speaker Dennis Hastert, R-Ill., said at a news conference Wednesday.

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The program would also raise the government's official deficit estimates by as much as $1 trillion over a decade, a development that could increase pressure on lawmakers to cut spending or raise taxes in the future.

Not a permanent solution
The program would be temporary, lasting only as long as Social Security takes in more in payroll taxes than it spends in benefits — 2016 under official forecasts.

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http://www.msnbc.msn.com/id/8405353/