Congressional GOP leaders are working toward a vote on proposed legislation that would result in the creation of a pared-down version of President Bush's plan for personal retirement accounts under the Social Security program.House Republicans said the measure would create personal or individual accounts for younger workers, while a portion of the funds would be used as a replacement for the 70-year-old program's traditional benefits.The GOP program however, would be a short-term proposal according to reports, lasting only until Social Security stops taking in more in payroll taxes than it spends in benefits. According to projections that would occur in 2016.The program would also raise the government's official deficit estimates by as much as $1 trillion over a 10-year period. Democrats have labeled the GOP proposal a "shell game."
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