WASHINGTON -- January 28 -- House Democratic Leader Nancy Pelosi released the following statement today in response to news reports that the Bush Administration has settled on a structure for its proposal to create private accounts within the Social Security program:

"The newest details from the Bush Administration on their plan to privatize Social Security are really nothing new. They are simply an attempt to distract from the fundamental flaws of the Administration's proposal -- it cuts benefits by almost 50 percent in the coming decades and requires at least $2 trillion in new debt to foreign countries. How the Bush Administration proposes to address the real problems Social Security faces is an open question.

"Mr. President, the American people deserve honest answers, not just another public relations strategy.

"Democrats are ready to work with Republicans to protect Social Security. But the President must make a good faith effort to work in a bipartisan way. A good first step would be for the President to put forth a plan that does not reduce Social Security funding, harm the middle class, or begin by cutting guaranteed benefits."

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