WASHINGTON -- Senate Finance Committee Chairman William V. Roth, Jr., with House Budget Committee Chairman John Kasich, held a press conference today in the US Capitol to announce their commitment to using the budget surpluses to establish Social Security personal investment accounts. Yesterday on the Senate floor, Chairman Roth outlined his proposal that would devote the budget surpluses to the creation of personal retirement accounts. The benefits from these accounts are in addition to the current Social Security program.

At the press conference, Chairman Roth made the following statement:

"I am pleased to be here today with my esteemed colleague John Kasich, Chairman of the House Budget Committee, to affirm our common commitment to using the budget surpluses to establish Social Security personal investment accounts."

"The federal budget surplus gives us a major opportunity to address the solvency problem facing Social Security, and it is critically important that the Budget Resolution allow flexibility for using the surplus in this manner."

"Before I go into more detail, let me state unequivocally that the accounts we are proposing are in addition to the current Social Security program."

"What would personal retirement accounts mean for people?"

"According to the Congressional Research Service, someone who is 40 today and making about $27,000, who puts just 1 percent each year -- $270 each year -- into an investment account would have $44,000 in that account upon retirement in the year 2025. For someone younger -- say 25 and who has even more time to earn interest -- $270 put into an investment account each year would grow to $222,000 by the time they retire in the year 2040."

"Yesterday I spoke on the Senate floor and made several points. First, by establishing these accounts this year, it will allow us to demonstrate their value -- their potential -- in providing retirement benefits for working Americans in the years to come."

"Second, creating these accounts will give the majority of Americans who do not own any investment assets a new stake in America's economic growth -- because that growth will be returned directly to their benefit."

"Third, creating these accounts will demonstrate to all Americans the power of saving -- even small amounts -- and how savings may grow over time."

"Fourth, creating these accounts will help Americans to better prepare for retirement generally. Personal retirement accounts will help Americans better understand retirement planning."

"Lastly, these accounts may point the way to a permanent solution to Social Security's problems."

"It was just 15 years ago -- in 1983 -- that we fixed Social Security for 75 years -- to about 2058. But now, a mere 15 years later, Social Security is in trouble. We do not need fixes for a few years or a few decades -- but solutions that have more permanent promise."

"And the most promising solutions are those that take advantage of our booming economy. Today I will not discuss the specifics of my plan. I will unveil it later this spring. I think it is critically important that the Budget Resolution include the flexibility to use the surpluses for this type of purpose."

"Let me emphasize that I am open to all good ideas and I intend to hold hearings on these issues. While John and I may differ on the details, and may likely have different proposals, I think we both agree that we should seize the moment, and get this process underway!"