This is outstanding news, and quite a relief.
WASHINGTON (AP) — Senate Finance Committee Chairman Max Baucus says he doesn’t think Congress will address Social Security as part of an effort to reduce government borrowing.
The Montana Democrat said Tuesday that Social Security has not added to the budget deficit, so it should not be included in a deficit reduction package. Baucus is part of a bipartisan group of lawmakers, led by Vice President Joe Biden, who are trying to negotiate such a package.
So that’s that. Anything having to do with Social Security has to go through Max Baucus and he appears to be closing the door on any cuts. However, I hope they eventually remove the income cap on the payroll tax — or, better yet, start the payroll tax at $250,000 and eliminate for anyone earning less.