Using Social Security trust fund resources to set up private accounts would require sharp cuts in benefits provided by current law. Rubin's letter asserts that he will recommend a veto if the proposal is passed. Over ten years, 2000-2009, the rate of increase averages 2.4 percent.
Republicans slash discretionary spending.
Republicans raise defense discretionary spending in nominal dollars until 2004, but then defense goes flat. From FY 2005-2009, Democrats are below the President's request but above Republicans. Republicans raise defense discretionary spending in nominal dollars until 2004, but then let defense spending go flat. Forced to choose between tax cuts and defense, Republicans opt for tax cuts. To continue crop insurance after 2004, severe cuts would have to be made in other mandatory spending for farm programs, such as credit and commodity support programs and export assistance.