Following a meeting with trustees of the Social Security system, President Bush promised that he will not raise payroll taxes to pay for an overhaul of the Social Security system which now faces an estimated long term shortfall of over $10 trillion. Mr. Bush wants to replace part of the traditional program with a system that allows workers to set aside some of their payroll taxes into personal accounts as part of a comprehensive retirement program, and institute sharp reductions in traditional benefits for future retirees.
See "Bush Says He Won't Raise Taxes for Social Security Overhaul", Edmund L. Andrews, The New York Times, December 9, 2004