"Thirteen years from now, in 2018, Social Security will be paying out more than it takes in," he explained. "And every year afterward will bring a new shortfall, bigger than the year before.

"For example, in the year 2027, the government will somehow have to come up with an extra 200 billion dollars to keep the system afloat — and by 2033, the annual shortfall would be more than 300 billion dollars," Bush said. "By the year 2042, the entire system would be exhausted and bankrupt."

At that Democrats in the chamber erupted in groans, boos and howls of "No." Bush continued on, however, pretending to be oblivious to the interruption:

"If steps are not taken to avert that outcome, the only solutions would be drastically higher taxes, massive new borrowing, or sudden and severe cuts in Social Security benefits or other government programs."

Again, Democrats erupted with audible cries of "No."

Editor's note: