NEW YORK (CNNfn) - Lawmakers on Capitol Hill Thursday took a closer look at a plan to place social security funds into the stock market, part of an ongoing effort to revitalize the federal retirement program.
CNN has learned Congress is investigating the risks associated with investing a portion of social security funds into public stocks.
But even rumblings of such a plan has opponents speaking out.
Barbara Bovbjerg of the General Accounting Office said the government has no business gambling with taxpayer dollars. Current market euphoria, she added, should not cloud the reality that the stock market is inherently a risky venture. (119K WAV) or (199K AIFF).
Senator John Breaux, D-Louisiana, also noted that a stock investment program for the social security system would likely face stiff opposition from the public. (120K WAV) or (120K AIFF).
Social security reform has been a hot button issue in Washington for years. Today, the fund takes in more from payroll taxes than it pays out in benefits.
But as the baby boomer population reaches retirement, that surplus could become a deficit in the next 15 years, according to estimates.
Efforts to revamp the system have produced dozens of ideas in Washington.
Legislation, however, is not expected to take effect until next year at the earliest. 
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