Robert Costa reports that Senators Lindsey Graham, Rand Paul, and Mike Lee are working together to advance a new Social Security reform plan:

At a press conference this morning, the trio detailed their plan, the “Social Security Solvency and Sustainability Act.” The package would gradually raise the retirement age to 70 by 2032 and cut benefits for the wealthy beginning in 2018.

I’d like to see a bipartisan compromise built around Jed Graham’s Old-Age Risk-Sharing concept, which, like the Graham-Paul-Lee plan, doesn’t require tax increases (though JG does outline a number of potential tax increases that he considers fair and sustainable) but that offers more flexibility regarding the retirement age. If any Hill staffers read this blog, I urge you to read Graham’s A Well-Tailored Safety Net. I’m convinced that it holds the key to making Social Security sustainable in a politically palatable way.