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Parties clash over urgency of Social Security reform?

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    Is entitlement program on the table in debt talks?

  • Duration 2:39
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One item that may or may not be on the table Social Security Republicans and Democrats do not even agree on whether the program needs immediate reform.

Chief national correspondent Jim Angle looks at both shots.

In an effort to keep the issue out of the fiscal cliff talks some Democrats have ridiculed the idea that Social Security adds to the deficit.

Social Security does not they -- one penny to the deficit.

It's an important program a critical program let's take care of it in the future let's do it separate from the debt debate.

And I think most would agree that Social Security.

Is not responsible for the deficit and clearly shouldn't.

Beyond they can be on the table for discussion.

And that might be true if lawmakers hadn't already borrowed and spent all the programs surplus revenues from years past.

Which by law congress now has to pay back.

Adding to the deficit the money came in.

Congress spend it the lucky here we've got money to spend let's go ahead and spend it up then there what.

It's gone.

And Social Security now needs to start getting its money back which again -- to the deficit just this year alone the Social Security trustees' report that quote.

In 2012 the projected difference between Social Security's dedicated tax income.

And expenditures.

Is 165.

Billion dollars.

Part of the 165.

Billion edited the deficit 112 billion of it.

Is a result of the payroll tax cut that President Obama pushed through.

Which by law congress also had to restore to the trust fund all points Republicans emphasize in the current talks.

-- the world and I wanna talk about the fact that this vital program started spending up more than it took ten and twenty town for the first.

Time and nearly thirty years.

They shortage and Social Security eventually reaches hundreds of billions a year.

But some changes now would help reducing benefits for the -- think or changing the retirement age or the cost of living adjustment.

Whatever is done analysts say the sooner the fix the better.

Social Security is very close to beat the leaky roof.

The longer you avoid fixing it didn't nastier and more expensive the fix has become it's not gonna get any easier from now.

Without changes lower benefits are built into the system in the early 20s30s Social Security will no longer be able to pay full benefits and -- all we'll have to cut them over night by some 25%.

That would obviously had the poor harder than anyone.

Brett Jim thank you well do you think Social Security needs immediate reform and -- -- on Twitter you can follow me at -- there.

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