Kent Conrad: “One percent of $3 trillion, I think the Senator would acknowledge, is not $300 billion, it is $30 billion?”

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

We admire that, and I can say on both sides of the aisle, people recognize the job he did as Budget Committee Chairman.

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.