ENT-68 REDUCE THE REPLACEMENT RATE WITHIN EACH BRACKET
       OF THE SOCIAL SECURITY BENEFIT FORMULA

                                  Annual Savings              Cumulative
                               (Millions of dollars            Five-Year
Savings from         -----------------------------------------   Savings
CBO Baseline         1994     1995      1996     1997     1998
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Outlays               120      470       990     1,600    2,350      5,500
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NOTE:Reductions in Social Security spending or increases in Social Security
     taxes would reduce the total federal deficit and the amount of federal
     borrowing from the public.  These savings would not be counted,
     however, under the pay-as-you-go provisions of the Budget Enforcement
     Act of 1990.

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