NYT&AP headline drops "eventually" in "Payroll Taxes May See Rise"

[papau]

http://www.nytimes.com/aponline/national/AP-Bolten-Social-Security.html

January 14, 2005
Budget Chief: Payroll Taxes May See Rise
By THE ASSOCIATED PRESS

Filed at 3:12 p.m. ET

WASHINGTON (AP) -- Social Security taxes will have to rise by half if lawmakers don't revamp the giant program, President Bush's budget chief said Friday as the administration sought support for its overhaul plans.<snip>

"All these tax increases (that built the $1.5 trillion Trust Fund) did was push those problems out to be solved another day,'' Bolten said. "That day has arrived."

Bolten revealed no new information about what Bush will propose. Trustees who oversee Social Security say the program will fall $3.7 trillion short of its obligations over the next 75 years, and Bolten said the problem will grow by $600 billion each year it is not addressed.

"If we do nothing to fix Social Security, we will eventually need to raise Social Security payroll taxes on Americans by about 50 percent," he said.<snip>

[gWbush is Mabus]

1. oh those crazy libruls at NYT

the CRISIS is HERE!!!