Senator locks in on Social Security reform

U.S. Sen. Judd Gregg

U.S. Sen. Judd Gregg, citing the retirement of Baby Boomers, will do from outside of the administration what was envisioned of him inside the Obama White House:

Press for Social Security reform.

The Republican from New Hampshire is pushing the administration for reform, an issue that many thought would have been part of his role in the cabinet had he gone forward with his nomination as commerce secretary.

Teeing off on this week's White House Fiscal Responsibility Summit, Gregg cautioned against "the damage posed to the country’s economic future by long-term entitlement spending."

"The retirement of the Baby Boomers is already beginning to exacerbate a problem that has been building for years, and now is the time to start addressing the long-term obligation of the major entitlement programs. Simply put -- we need a plan to address this crisis, and we need to take action on that plan," the Republican said in a press release.

“Fixing Social Security is a shared, bipartisan goal, and it can be accomplished right away."

There are concerns about the long-term solvency of Social Security. The concern stems from the legion of Baby Boomers, filing for benefits at the rate of 10,000 a day for the next 20 years, and whether there is enough money coming into the kitty to pay benefits for generations that follow.

Obama campaigned on the idea that he would address the retirement system’s looming financing shortfall, in part by applying payroll taxes to incomes above $250,000. That won't sit well with Republicans, however, especially with the deepening recession.

Democrats, on the other hand, aren't likely to accept the other alternative -- reducing scheduled benefits for future retirees.

In point of fact, a solution, if one is attempted, will likely include a combination of higher payroll taxes and lower benefits.

One benefit that Gregg would have brought into the cabinet of President Barack Obama would have been his expertise on entitlements. But with his withdrawal from consideration as secretary of commerce means he'll be making his case from the outside of the administration.

The future of Social Security has captured a lot of attention from advocacy and research groups.

New relevations about Gregg may have an impact on his political relevancy.

The Associated Press is an exclusive report is saying that Gregg steered federal funds to an office park in Portsmouth, N.H., where he and his brother had some real estate dealings.