WASHINGTON (AP) — The Senate's No. 2 Democrat said Wednesday that he's preparing a plan to create a commission to study Social Security's fiscal problems and send a proposed solution to Congress for guaranteed votes in both House and Senate.
Illinois Democrat Dick Durbin says he's got bipartisan backing for the idea, which is patterned after President Barack Obama's 2010 deficit commission.
Social Security currently is spending more than it takes in in payroll taxes and relies on savings from previous surpluses to pay benefits. Those savings are estimated to run out in 20 years.
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