"There's a lot we can do to improve American's retirement security, but it's wrong to replace the guaranteed benefit that Americans have earned with a guaranteed benefit cut of up to 40%."

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The American people do not like privatization. They are afraid of the debt the president's willing to do. And they don't like benefit cuts. And everyone here should understand all 45 Senate Democrats are united. We are not going to let this happen.

— Harry Reid