Cheney Sees More U.S. Borrowing for Pension Accounts [View All]

[SillyGoose]

WASHINGTON (Reuters) - Vice President Dick Cheney on Sunday acknowledged trillions of dollars in future borrowing may be needed to cover the cost of private retirement accounts under President Bush's plan to retool the Social Security retirement system.

Cheney told Fox News Sunday that "it is important to manage the fiscal impact of these transitions in an intelligent fashion, and we're well aware of that."

Under Bush's plan, Cheney said the administration would borrow roughly $754 billion over the next 10 years to set up the private accounts.

Asked about estimates that trillions of dollars in additional borrowing would be needed in subsequent decades, Cheney said: "That's right. Trillions more after that."

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