The Bush administration said in a new report Monday that Social Security, the U.S. public pension system, is facing a $13.6 trillion (¤9.6 trillion) shortfall and that delaying needed reforms is not fair to younger workers.
A report issued by the Treasury Department said that some combination of benefit cuts and tax increases will need to be considered to permanently fix the funding shortfall. But White House officials stressed that President George W. Bush remains opposed to raising taxes.
The Social Security Board of Trustees projects that the trust fund will have insufficient funds to pay currently scheduled benefits beginning in 2041.
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