President Bush had proposed for the first time cutting social security benefits for tens of millions of Americans in order to reduce the cost of the federal pension system. In his first time prime time news conference in over a year Bush outlined a system that would preserve benefits for low-income workers but cut benefits to everyone else. Under Bush’s proposal, social security benefits would become pegged to inflation instead of wage growth. He estimated the deal would save $3 trillion over the next 75 years. This marks the first time the president has endorsed a plan that would reduce benefits for tens of millions of Americans.