Impending Funding Crunch
Legislative Priority in Upcoming Session
When the 98th congress convenes in January,1 one of the first items on its agenda will be reform of the nation's troubled Social Security system. The largest of the system's three trust funds, Old Age and Survivors Insurance (OASI),2 already is running at a deficit, and by sometime in 1984 the system as a whole is expected to go into the red. While nearly everyone agrees that something must be done to shore up the Social Security trust funds, there are sharp partisan differences on how to approach the problem and it is not clear how quickly they can be resolved.
In principle, Congress should be able to reach a compromise between revenue increases, which Democrats tend to favor, ...