Feb 11, 2015 1:12 PM by News Staff
WASHINGTON (AP) - Senate Republicans are giving a White House plan to shift money from Social Security's retirement funds to cover a looming shortfall in its disability account a chilly reception.
But acting Social Security Commissioner Carolyn Colvin defended the proposal on Wednesday at a Senate Budget Committee hearing. The proposal would shift $330 billion from retirement accounts over the next five years. The shift would stave off an estimated 19 percent cut in benefits should the program become insolvent next year.
Republicans say the move would shorten the solvency of the retirement program. They're pressing for a longer-lasting solution, though they hesitated to suggest what benefit cuts or tax increases would be required to stabilize the program.
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