Bennett gets Bush nod on Social Security plan

WASHINGTON — Sen. Bob Bennett can go ahead and offer his own plan to reform Social Security as far as President Bush is concerned.

Although the Utah Republican's recommendations differ significantly from what the president has in mind — particularly over the controversial notion of private investing — Bennett said that during a luncheon Tuesday with other Republican senators at the White House the president encouraged him to propose the legislation.

Bennett said when he told Bush of his plans, "He just said, 'I like your bill.' Period.' "

Bennett's plan, which he could introduce as early as next week, doesn't include the personal savings/investment proposal that Bush has said is necessary to financially rescue the retirement payment system that by 2017 is predicted to start paying out more in benefits than it receives in tax revenue.

White House representatives said Bennett, like all members of Congress, are invited to offer any ideas they have to make the Social Security system solvent.

"I've decided that the Democrats have made it clear that they will not back personal accounts," Bennett said after the luncheon. "And in response to the president's position that let's try to get something done, I will be proposing a bill that does not include personal accounts."

"This in no way should be interpreted to mean that the president is backing off" his notion of allowing workers to invest part of their Social Security taxes of personal accounts, White House spokesman Trent Duffy said. "He is not."

Bennett said some Democrats have told him privately that they would support such a bill, but he is not sure how many will be on board publicly now that he's introducing the legislation.

"We've had a lot of interest," he said. "We have a lot of hope that we can use this bill to break the logjam and move forward on Social Security. We'll find out in the weeks to come."

For years, Bennett has been recognized in the Senate as an expert on Social Security reforms. He not only campaigned on the issue during his first race in 1992, but he has being studying it ever since, holding hearings through the Joint Economic Committee, of which he is the co-chairman, and pitching his findings to colleagues on both sides of the aisle.