Pelosi, Rangel, Matsui, Other House & Senate Democratic Leaders Write President Bush on Social Security

Pelosi, Rangel, Matsui, Other House & Senate Democratic Leaders Write President Bush on Social Security

Washington, D.C. - House and Senate Democratic leaders and the Ranking Members of key committees today sent President Bush a letter requesting he submit the details of his Social Security proposal and its cost to Congress.

The text of the letter follows:

November 22, 2004

The President
The White House
Washington, DC 20500

Dear Mr. President:

Since your recent reelection, you have made clear your intent to restructure Social Security into a system in which a portion of Social Security payroll taxes would go into private accounts, rather than into the Social Security Trust Fund. In your post-election news conference, you indicated you wished to begin this process early in your second term. We are writing to respectfully request that you include the details of your Social Security proposal-and a full accounting of its associated costs-in your Fiscal Year 2006 budget.

The annual federal budget process provides an opportunity for Congress, the White House, and our nation's citizens to debate national priorities. Decisions made in the budget process determine this nation's fiscal course for the coming legislative year and frequently well into the future. As a result, your budget should include and fully account for Social Security and other major proposals that you have indicated are top legislative priorities. Failing to do so would deprive the American people of the ability to consider the budget implications of the policies and priorities you advocate.

Only by including your proposal in your FY2006 budget will Congress and the American people be able to weigh the difficult trade-offs between large-scale borrowing, Social Security benefit cuts, tax increases, and other spending reductions that may be required to fund your Social Security private accounts proposal. Furthermore, it will allow more thoughtful consideration of how your proposal fits with your other commitments, such as cutting the deficit in half over the next five years, making tax cuts permanent, providing adequate resources for the war on terror, and funding other national priorities.

Thank you in advance for your attention to this important matter.

Sincerely,

Nancy Pelosi, Democratic Leader, U.S. House of Representatives
Harry Reid, Minority Leader-elect, United States Senate
Steny H. Hoyer, House Democratic Whip
Richard J. Durbin, Assistant Minority Leader-elect, United States Senate
Charles B. Rangel, Ranking Democrat, House Committee on Ways and Means
Max Baucus, Ranking Democrat, Senate Finance Committee
Robert T. Matsui, Ranking Democrat, Subcommittee on Social Security, Committee on Ways and Means
John M. Spratt, Jr., Ranking Democratic Member, House Budget Committee
Kent Conrad, Ranking Democrat, Committee on the Budget, United States Senate
Robert Menendez, Democratic Caucus Chairman, U.S. House of Representatives