WASHINGTON, Feb. 1 (UPI) -- Congressional Democrats vowed Tuesday none of their caucus will back President Bush's Social Security plan, meaning prospects for approval are non-existent.
Senate Minority Leader Harry Reid, D-Nev., said not one Democrat will support the proposal to divert Social Security dollars into developing private investment accounts.
"We want to make sure that the American people understand that we're not for benefit cuts and we're not for privatization," Reid said.
Republicans argue adding optional individual investment accounts will bring long-term cost savings to the program, which is slated to go into deficit spending within the next two decades, despite the added cost of transferring to the system.
Senate Minority Whip Steny Hoyer, D-Md., said Tuesday Democrats believe Social Security can be fixed with minimal changes.
"Privatization is a Republican focus, which is, I think overwhelmingly verging on unanimously opposed by Democrats," said Hoyer.
While Democrats in the House do not have the votes to block Bush's plan, if Reid is correct, the proposal is doomed in the Senate, where the Republican leadership would not have the 60 votes needed to overcome a filibuster.
