I agree with the Chairman that our current deficits are not sustainable, and they are huge national security issue that needs to be dealt with on a bipartisan basis by having a credible plan to deal with the deficit.
Conrad emphasizes the unsustainability of current deficits and the need for a bipartisan solution.
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We all know that Social Security is going to have to be dealt with, or we are going to face by 2034 at the latest--many of us believe it will be earlier than that---an across-the-board 23-percent cut.
We also increase the payroll tax very modestly, from the current combined rate of 12.4 percent to 13.4 percent over 10 years.
This Retirement Security Plan structure that we have suggested I think would go a long way toward dealing with these issues.
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