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The government tries to close the shortfall by simply issuing more Treasury securities each year, thereby adding to the nation's debt.
It would not completely close the shortfall of the trust funds, but it would put Social Security and Medicare on a stronger financial footing, while reaffirming their universal nature and reflecting the fortunate fact that Americans are living longer.
Others worry that the governor's plan to use the tobacco settlement money to close the shortfall might jeopardize the state's commitment in the future to other priorities covered by H.C.R.A., like raising salaries for hospital workers.
Senator George Allen and Attorney General Jerry W. Kilgore, the front-runner for the Republican nomination for governor in 2005, have blasted the Senate plan, arguing that revenues are growing fast enough to close the shortfall.
While some have doubted the sincerity of energy-intensive businesses in particular in tackling climate change, Unilever CEO Paul Polman suggests the private sector could help close the shortfall in emission commitments made by governments.
Democratic leaders who control both houses of the state's General Assembly ridiculed the governor's plan as unnecessary in light of federal money, among other sources, that Connecticut could use to close the shortfall.
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And yet, in the deficit-obsessed, anti-tax world of Washington, closing the shortfall in Social Security has come to mean broadly cutting benefits.
Closing the shortfall by the June 30 deadline is likely to require unpopular actions, including spending cuts and higher taxes, in a state where property taxes are already the highest in the nation.
The company, which saw revenues and profits rise 22% in the last year to £1.9bn and £147m respectively, said it had agreed with trustees to spend the next 20 years closing the shortfall in its pension fund.
This should push up its eventual value to long-term savers by something like a quarter.The national savings plan will generate extra resources of 0.7% of GDP for pensioners by 2050, so closing the shortfall when combined with the higher state-pension age and increased public spending.
Mr. Venizelos said the government would do everything needed to close the budget shortfall.
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