With this new announcement, either the Social Security program will be demolished or the nation will take on billions more in debt. The AP's Scott Lindlaw has the story:

President Bush on Thursday ruled out raising taxes to finance the centerpiece of his second-term domestic agenda: a Social Security overhaul to help the system survive an impending wave of retiring baby boomers.

Three years after his Social Security commission issued recommendations on how to repair the system, Bush remained noncommittal Thursday on how he would pay for the estimated $2 trillion cost of revamping Social Security. But vast new borrowing seemed increasingly likely.

"I will not prejudge any solution," Bush said in the Oval Office after meeting with the Social Security trustees who submit an annual report on the state of the program's funding. But he went on to say, "We will not raise payroll taxes to solve this problem."

This kind of fiscal recklessness cannot be allowed in this country. We have endured too much to allow this buffoon to destroy our government, so hopefully the people will stand up to this ridiculous plan and make sure the government becomes insolvent.