House and Senate Republicans have a new proposal that could that help make President Bush's Social Security reform package, including its controversial personal accounts, a reality, one prominent Beltway insider contends.

Martin Feldstein, a professor at Harvard University and former chairman of the Council of Economic Advisers under President Reagan, explained in a July 15 Wall Street Journal editorial that the plan's "fundamental principal is to supplement traditional pay-as-you-go Social Security with investment-based personal retirement accounts."

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