House Democratic Whip Steny H. Hoyer (MD) released the following statement this afternoon:
"House Republicans may think that they've struck on a new idea on Social Security reform, but the truth is all they've done today is dress up a wolf - Social Security privatization - in sheep's clothing.
"Several House Republicans now propose that we use the Social Security surpluses to establish private accounts within the program. But they just don't get it: The American people overwhelmingly oppose their privatization efforts and they don't want the federal government borrowing trillions of dollars to set up private accounts.
"Furthermore, this latest proposal would do absolutely nothing to address Social Security's long-term solvency shortfall. In fact, this Republican proposal would actually weaken Social Security's solvency by diverting the surpluses that are expected over the next several years and depleting the Social Security Trust Fund even sooner.
"Republicans need to stop ignoring the will of the American people on this important issue. They need to drop their privatization plans and join Democrats in crafting a bipartisan agreement that would shore up Social Security for future generations. Democrats are absolutely committed to addressing Social Security's shortfall, but we are adamantly opposed to privatization schemes that seek to unravel the program's promise to America's seniors."