Sen. Kay Bailey Hutchison, R-Texas, who on Thursday unveiled her own Social Security reform package, said Friday that the AARP has marked “a huge shift in the debate on the solvency of Social Security.”
“AARP’s new and welcome position is a positive step towards the type of reforms I’ve championed, and I look forward to working with the organization to shape the changes in a way that makes the least detrimental impact to present and future retirees,” she said in a statement.
Hutchison’s plan does not include tax hikes. Her office claims the bill would cut deficits by $416 billion over the next decade and keep Social Security solvent by instead raising the retirement age to 69 over 16 years and cutting yearly cost-of-living adjustments by 1 percent. Workers who are 58 and under would not be affected.
“Those two things would keep our Social Security system solvent for 75 years with really, I think, minor pain and a big gain,” she told Fox News on Thursday.