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Top Senate Democrat proposes Social Security panel

3 years 6 months 1 week ago March 20, 2013 Mar 20, 2013 Wednesday, March 20 2013 March 20, 2013 9:33 AM in News
Source: Associated Press

WASHINGTON - The Senate's No. 2 Democrat says he's preparing a plan to create a commission to study Social Security's fiscal problems and send a proposed solution to Congress for guaranteed votes in both House and Senate.

Illinois Democrat Dick Durbin says he's got bipartisan backing for the idea, which is patterned after President Barack Obama's 2010 deficit commission.

Social Security currently is spending more than it takes in in payroll taxes and relies on savings from prior-year surpluses to pay benefits. Those savings are estimated to run out in 20 years.

Durbin wants the commission to make recommendations to make Social Security solvent for 75 years. Ideas would include increases in the payroll tax, a higher retirement age and a lower annual cost-of-living adjustment.

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