–Should Not Alter Social Security to ‘Balance the Budget’
–Democrats Want to ‘Preserve’ Social Security; GOP Seeks to Privatize
–Budget Deficits ‘Created’ by Bush Tax Cuts, Deregulation

By John Shaw

WASHINGTON (MNI) – House Speaker Nancy Pelosi said Thursday she
strongly opposes increasing the Social Security retirement age, even as
part of a broader effort to address long-term fiscal challenges.

“We should not balance the budget by raising the Social Security
age,” Pelosi said at her weekly briefing.

She said that ensuring the long-term solvency of Social Security
and balancing the federal budget are “two separate subjects.”

“It’s a different discussion,” she said.

Pelosi said there are “many ways” to implement long-term deficit
reductions.

“Let’s not start by raising the retirement age,” she said.

Asked if her comments might put pressure on the presidential fiscal
commission to avoid recommending structural changes to Social Security,
Pelosi quipped “that would be great.”

But she said she doubted her words would influence the panel’s
deliberations.

“We (Democrats) are here to preserve Social Security …
Republicans want to privatize it,” Pelosi said. “This isn’t political.
It’s who we are,” she said, referring to Democrats.

Pelosi said massive budget deficits were “created” by President
George W. Bush’s deep tax cuts in 2001 and 2003 and by a host of
deregulatory efforts that led to the recent recession.

Pelosi said she is open to a wide-ranging debate on the causes of
the nation’s fiscal woes.

“How did we get there? Let’s unravel that,” she said.

Last week, Pelosi said she opposed extending the tax cuts that were
passed in 2001 and 2003 for “high end” taxpayers.

Pelosi said tax cuts that were passed for the wealthy in 2001 and
2003 “increased the deficit enormously and have not created jobs.”

She did not precisely define what income level is considered “high
end” but Democrats have often said it applies to individuals making more
than $200,000 and couples making more than $250,000.

** Market News International Washington Bureau: (202) 371-2121 **

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