WASHINGTON - President Bush s advisers have settled on a proposal for structuring the personal accounts they hope to create in Social Security, while on Capitol Hill, Senate Democrats were launching an effort to defeat the plan altogether. By default, workers would be enrolled in a "life cycle" account, in which investments become more conservative as investors age, if they do not choose one of the other options, according to two officials speaking on condition of anonymity.
On Friday, Senate Democrats were holding a session aimed at showcasing the problems with Bush's overall plan to let workers divert a portion of their Social Security taxes into individual accounts that could be invested in the stock market. Among those testifying before the panel were a pair of workers from the Social Security Administration complaining that the employees are being used for political purposes to sell the Bush plan to the public.
