President Bush's commitment to work in a bipartisan manner on the people's business is a welcome proposition. His efforts to encourage dialogue and build consensus toward addressing critical domestic and defense priorities for our nation in the next fiscal year and the next decade speak to a genuine desire to restore comity. I applaud the President's proposed increase in federal support for education. His proposed increase in spending affords an excellent opportunity to make a long-term investment in our public schools: the top priority for millions of American families. President Bush's focus on education is a welcome departure from past Republican policies. The prospects are encouraging for bipartisan cooperation and significant progress on this issue.

The President's budget underscores the disagreement which many Democrats, along with some of our Republican colleagues, have with his proposals for Social Security, Medicare, and taxes. The President's numbers don't add up and much of his tax cuts are funded by projected surpluses between 2007 and 2011. Six years down the road is too long a period to base tax or spending decisions costing trillions of dollars. We should remember that six years ago many of these same forecasts projected continued, but shrinking, budget deficits instead of the surpluses we are amassing today. Fiscal responsibility and prudence are central to continued economic growth and prosperity. I support an across-the-board tax cut for all Americans, along with estate tax and marriage penalty relief. However, tax relief must be part of a budget that uses the surpluses projected for the next 10 years to strengthen Social Security and Medicare for the long-term, pay down the debt, and invest in important priorities like a voluntary prescription drug benefit and education. I am concerned with the size and distribution of President Bush's tax proposal.

While the President's Social Security proposal is still short on specifics, I have deep reservations with any step toward privatizing Social Security or relying on personal investment accounts to ensure retirement security for millions of Americans. Strengthening and reforming Social Security will be a complex and difficult task, but the system's problems can be resolved without altering the basic program, which has successfully kept many seniors out of poverty. Creating personal accounts in place of Social Security benefits could erode the protections in the system in place for low-wage earners, survivors and the disabled. Dramatic change can also pose major transition problems for younger workers who will be saving for their own retirement while simultaneously paying taxes to support current retirees. Under personal accounts, the investment pool created could be difficult to regulate and potentially distort capital markets and equity valuations. In addition, many participants who are less savvy investors or who have no experience in making investments at all could be exposed to severe market risk and lose their retirement security altogether. I counsel caution as we proceed to safeguard Social Security for future generations.