Bush calls on Congress to provide details of reform

President says he laid out principles for Social Security reform.
DALLAS MORNING NEWS
WASHINGTON -- Facing long political odds and mounting public opposition, President Bush said Wednesday that he won't propose a specific Social Security plan anytime soon, preferring to work with both parties to "solve this problem."
"The first bill on the Hill always is dead on arrival," Bush said during a wide-ranging news conference held amid rising disapproval for his proposed personal Social Security accounts.
"I have laid out principles" for discussion, Bush said, while Democrats suggested that his insistence on private accounts is blocking a deal to shore up Social Security's finances.
The American people "understand that privatization means slashing benefits, that it means saddling our children and grandchildren with massive debt," said House Minority Leader Nancy Pelosi, D-Calif.
Other issues covered during the 48-minute news conference included House Majority Leader Tom DeLay of Texas, oil drilling in Alaska, steroids, the death penalty, gay marriage, the Ten Commandments and judicial nominees.
Personal accounts
Discussing Social Security in December, Bush said, "I will propose a solution at the appropriate time."
The president on Wednesday, drawing on an approach he has followed with other issues, said his principles could be translated into details through good-faith negotiations between the administration and Congress.
In this case, the details include possible reductions in guaranteed benefits and an expansion of the Social Security tax. These and other ideas have drawn attacks across the political spectrum as well as objections from the public at large.
Even some congressional Republicans have balked at the idea of carving personal accounts out of the Social Security system, saying they would inevitably involve a reduction of government-guaranteed benefits.
Bush maintained his support of personal accounts during the news conference. But, signaling a possible change in tactics, he acknowledged the accounts would not address the system's financial problems.
"Personal accounts do not permanently fix the solution," Bush said. "They make the solution more attractive for the individual worker."
The system also penalizes widows if their spouses die young, Bush told reporters. They could not collect spousal benefits until age 62 and in some cases they are lost, he added. A personal account creates a nest egg that could be passed on as part of one's estate.
Supporters of private accounts said returns from market investments would offset any reduction in guaranteed benefits.
Opponents said the market is too risky and volatile.