The White House contends that budget deficits should shrink enough during President Bush's term that the country could absorb the transition financing, estimated at $1 trillion over 10 years if workers divert two percentage points of their tax to private accounts

Modern Machine Shop, Feb, 2005

The White House contends that budget deficits should shrink enough during President Bush's term that the country could absorb the transition financing, estimated at $1 trillion over 10 years if workers divert two percentage points of their tax to private accounts. It argues that borrowing money now is merely bringing forward obligations that the U.S.

government now has. But the president faces a big sales job with Congress, financial markets and the public, given current U.S. debt of $8 trillion and rising.