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Democrats Threaten to Block Social Security Overhaul

HeadlineFeb 02, 2005

On Capitol Hill, Senate Minority Leader Harry Reid warned President Bush Tuesday that Democrats now have enough votes to block the passage of Bush’s plan to privatize social security. Reid said “President Bush should forget about privatizing Social Security. It will not happen. The sooner he comes to that realization, the better off we are.” Reid said none of the 44 Democrats in the Senate would back a plan that diverts Social Security taxes into accounts that workers would invest in stocks and bonds. Reid’s comments come as President Bush is preparing to deliver his state of the union address tonight–a key piece of his speech: The privatization of social security. On Thursday he will head off on a five-state campaign-style tour advocating for it. Some Democrats though are emerging to back the privatization of social security. Former Senator Bob Kerrey published a prominent piece in the Wall Street Journal calling for just that on Tuesday.

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