President Bush's embrace of Social Security benefit cuts that would hit 70 percent of future retirees received a wary reception from both parties yesterday as Congress prepared to move ahead with remedies for the retirement system's financial problems.
House leaders vowed to press on with a Social Security bill, starting with hearings that will begin May 12 and culminating with legislation, "probably in early June," said Rep. Bill Thomas (R-Calif.), the Ways and Means chairman, who is likely to be instrumental in crafting the legislation.
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