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http://www.marketwatch.com/news/story.asp?guid=%7B9BD0500C%2D3C12%2D4958%2D8E79%2D4CC9E9C6A87C%7D&siteid=mktwWASHINGTON (MarketWatch) -- House Republican leaders expect to hold a vote later this year on a plan to divert Social Security surpluses into private accounts, an approach that differs sharply from President Bush's call to let workers invest a portion of their payroll taxes in the financial markets.
The plan, unveiled by Republican House members last week, "begins to take that Social Security trust fund and put it into an account that will be there" for American workers, Speaker Dennis Hastert, R-Ill., told reporters Wednesday.
Democrats, who have remained virtually unanimous in opposing Bush's Social Security proposal, said the House GOP plan wasn't an acceptable alternative. The plan would sharply hike federal debt while doing nothing to safeguard the Social Security trust fund, said Rep John Spratt of South Carolina, senior Democrat on the House Budget Committee.
The GOP plan would boost federal deficits by a total of more than $1 trillion over the next 10 years.
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