Kent Conrad: “The American people know there is waste in Government, and they expect us to do something about it.”

We also increase the payroll tax very modestly, from the current combined rate of 12.4 percent to 13.4 percent over 10 years.

Social Security's financial challenge affects nearly our entire society, and the solutions will require a broad-based approach.

We tried to include some of these ideas in our Social Security reform package, to actually provide incentives in the system for people to continue to work.

If we are going to make this whole system solvent, it is going to take everybody to give a little bit.