Bush Ally in House Alters Social Security Debate Strategy
Well, for those who wondered how far Bush would go to sell private accounts, the answer is 'as far as necessary'. It appears he has engaged the services of the porkmeister.
There will be a little something for everyone. The only people not represented will be the average citizen. I especially love the statment "At the end of the day, we want a package that has private accounts but doesn't increase taxes." So in order to pay for private accounts, we should add to the deficit or slash benefits.
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With President Bush's top domestic priority fading fast, Republicans once again have turned to one of their least liked but most effective colleagues: Rep. Bill Thomas, chairman of the House Ways and Means Committee.
The California Republican saved President Bush's tax cut in 2003, has never lost a vote on the floor and, despite resistance among other House GOP leaders, is poised once again to try to revive the president's proposal to add personal investment accounts to Social Security.
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His maneuver has undercut White House and House hopes that Senate Finance Committee Chairman Charles E. Grassley (R-Iowa) would assume the pivotal role in drafting changes to the Social Security program and has ignited a lobbying frenzy.
Life insurers are determined to prevent the legislation from being so generous with its savings incentives that it reduces the market for life-insurance products. Airlines want Thomas's measure to include pension-law changes that would make it easier for them and other troubled industries to get out from under huge retirement responsibilities from their former employees. And retailers are busy making sure that a sales or value-added tax is not part of the section in Thomas's legislation that pays for the Social Security and savings incentive sections.
"The good news is the battle has begun; reform is in play," said Dirk Van Dongen, president of the National Association of Wholesaler-Distributors, a supporter of Bush's personal accounts plan. "Now you have to watch out for the 'be-careful-what-you-wish-for' rule. At the end of the day, we want a package that has private accounts but doesn't increase taxes."
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