A bill was put forward Wednesday in the House that would create the investment accounts, but not on the scale envisioned by President Bush in his Social Security reform proposals. A similar bill was to be introduced in the U.S. Senate.
The House plan would use the so-called Social Security surplus -- the amount of money collected into the system but not paid out to beneficiaries. Those funds are currently borrowed by the federal government for various programs and repaid with U.S. Treasury bonds.
"When the program is up and running, Congress will be faced with decisions whether to borrow, raise taxes or cut spending, which is what we should be faced with," Rep. Paul Ryan, R-Wis., told The Washington Post.
Democratic critics of the proposal claim it is a Republican move to privatize Social Security and say recent polls indicate people are against private accounts.