Washington The leading House bill to overhaul Social Security would marginally extend the program's solvency, but it would add $851 billion to the national debt over 11 years, according to an analysis released Friday by the system's chief actuary.
The bill calls for establishing personal retirement accounts for workers under age 55 and stocking them with Treasury bonds equal to the surplus Social Security taxes the government will collect each year through 2016. Next year alone the program expects to receive $84.5 billion more in payroll taxes than it needs for monthly benefit checks.
Rep. Jim McCrery of Louisiana, along with Reps. Clay Shaw of Florida, Sam Johnson of Texas, Paul Ryan of Wisconsin and John Shadegg of Arizona, filed the bill with little fanfare late Thursday. On Friday, the Republicans issued a statement announcing 34 additional co-sponsors - none Democrats.