Sen. Kay Bailey Hutchinson (R-Texas) introduced legislation Thursday that she claimed would gradually reform the social security system.
In a press conference, Hutchinson put outlined a plan to increase the retirement age by three months starting in 2016 until 2023, where it would be capped at 69.
In addition, Hutchison wants to reduce the Cost of Living Adjustment by one percent annually.
Hutchison said that the Social Security Administration’s Chief Actuary projected that her plan would decrease the national debt by $7.2 trillion by 2085, and decrease the deficit by $416 billion over the next ten years.
The Texas Republican argued that the plan should be included in debt limit negotiations since it will ultimately make such a large economic impact.
“I think it should be part of the debt ceiling because $440 billion over ten years is not chump change,” Hutchinson explained.
Hutchinson said that the plan, entitled Defend and Save Social Security, would keep the entitlement program solvent for an additional 50 years.