WASHINGTON -- Politicians from both major parties are distancing themselves from Federal Reserve Chairman Alan Greenspan's call to cut Social Security benefits.

On Wednesday, Greenspan urged Congress to tackle the rising budget deficit by cutting benefits for future Social Security recipients, rather than by raising taxes.

Speaking to the House Budget Committee, Greenspan warned the budget gap will worsen dramatically when baby boomers start becoming eligible for Social Security just four years from now.

He said a possible adjustment to deal with the shifting age of the population is to change the age at which Social Security and Medicare benefits will be provided.

Greenspan said benefits paid current retirees should not be touched. He said if benefits are trimmed for future retirees, it should be done well ahead of the time the money is needed, sopeople can better plan.

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Bush On Greenspan's Social Security Comments

The Fed chairman said as more baby-boomers retire, budgetdeficits will rocket and could lead to a "very debilitating" risein interest rates. And he said it would be better to cut benefitsfor those who haven't yet retired than it would be to raise taxes.

Democratic presidential candidates quickly condemned Greenspan's suggestion.

Frontrunner John Kerry said squeezing Social Securitybenefits is "the wrong way to cut the deficit."

Rival Democrat John Edwards saidGreenspan's call to cut benefits for future retirees is "anoutrage."

Meanwhile, long-shot candidate Rep. Dennis Kucinich called forGreenspan to resign, saying the comments were "adisgrace."

Even top Republicans -- including President George W. Bush -- tried to distance themselves from Greenspan's comments.

Bush said he doesn't want to cutSocial Security benefits for those near retirement.

During a meeting with the republic of Georgia's visitingpresident, Bush told reporters he hasn't read Greenspan's remarksto the House Budget Committee.

But he noted that during the 2000 campaign, he came out in favorof investment accounts for younger workers that he thinks canresult in equal or better benefits than Social Security currentlypays.

As for cutting the deficit, he said the best way is through thebudget he sent Congress earlier this year. Bush said it's part of aplan to cut federal red ink in half over five years.

The deficit is projected to hit a record of more than $500 billion this year. However, Congress is not expected to touch the politically explosive issue in an election year.

Discussion: Trim Social Security Benefits?
Greenspan's Testimony