Statement on Receiving the Recommendations of the National Commission on Social Security Reform

Speaker of the House O'Neill, Majority Leader Baker, and I have today received from the commission on social security a "Recommended Bi-Partisan Solution to the Social Security Problem" (summary attached).

This bipartisan solution would solve the social security problem defined by the Commission. It is my understanding that the Speaker and the majority leader find this bipartisan solution acceptable.

Each of us recognizes that this is a compromise solution. As such, it includes elements which each of us could not support if they were not part of a bipartisan compromise. However, in the interest of solving the social security problem promptly, equitably, and on a bipartisan basis, we have agreed to support and work for this bipartisan solution.

I look forward to the Congress beginning consideration of this package through hearings before the House Ways and Means Committee on February 1. I believe the American people will welcome this demonstration of bipartisan cooperation in offering a solution that can keep a fundamental trust, while solving a fundamental national problem.

I wish to thank the members of the Commission, and especially Chairman Greenspan, for their tireless effort and for the cooperative and responsible manner in which they have met a most difficult challenge.