Bush: Medicare, Social Sec. must change

Yahoo! News

"President Bush, poised to submit his new budget to Congress next week, warned Saturday that unless programs like Medicare and
Social Security are changed, future generations will face tax hikes, government red ink or huge cuts in benefits.

Controlling spending requires the government to address the unsustainable growth of entitlement programs such as Social Security, Medicare and Medicaid, Bush said in his weekly radio address. He said spending for the programs is growing faster than inflation, faster than the U.S. economy and faster than taxpayers' ability to pay for them.

'Unless we act, we will saddle our children and grandchildren with tens of trillions of dollars of unfunded obligations,' Bush said. 'They will face three bad options: huge tax increases, huge budget deficits or huge and immediate cuts in benefits.'

The budget Bush submits on Monday for the fiscal year that starts Oct. 1 will start a new debate with the Democratic majority in Congress." Read on...