Press Gaggle: Did You Say "Unfunded Liability"?

The drinking game in the White House Press Briefing Room this week clearly hinges on the words "Social Security" and "unfunded liability":

MR. McCLELLAN: Let me try to explain to you. What you may be talking about is for the up-front transition financing that would be needed, you're pushing some of that $11 trillion forward, but you're also bringing it down significantly by fixing the problem. And that's what I'm referring to when I say that the financial markets would look very favorably upon a solution to this unfunded liability.

Q. Borrowing, that's borrowing. Just use English -- that's borrowing.

MR. McCLELLAN: Well, we've said that it could require that for the transition financing. But we're going to work with members of Congress about how to exactly finance the transition to --

Q. By borrowing.

Underfunded liability? Chug-a-lug, REPEAT UNTIL TRUE.

9 Dec 2004 [Press Gaggle]

9 Dec 2004 2 [Press Gaggle]

9 Dec 2004 3 [Press Gaggle]


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