Bennett is planning to introduce two bills in order to separate the two pieces of the debate - one that seeks to keep Social Security solvent by slowing the hike in benefits paid out, and another that would allow the creation of personal investment accounts.

"Democrats and some Republicans say, 'We will not vote for anything that includes personal accounts,' and that seems to have slowed the whole thing down," Bennett said in an interview Thursday.

"My reaction is, that shouldn't slow the whole thing down and let's find out how serious people really are when they say, 'Yes, there really is a problem, but I don't like personal accounts,' " he said.

The senator said he has kept the White House apprised of his plans, and is open to its input. He is circulating drafts of his bills among experts in the field and he could introduce his proposals as early as next week.

He has received positive early feedback from Democrats, he said, but they are waiting to see the bill.

"It is na"ve to think the Democrats are going to go this route," said Michael Tanner, director of the Project on Social Security Choice at The Cato Institute, a conservative think-tank. "Democrats are opposed to any change in the benefit structure of Social Security."

Despite five months of aggressive salesmanship by the president, national polls indicate the public has been slow to embrace Bush's personal accounts. And Democrats in Congress have refused to negotiate on Social Security unless the White House takes personal accounts off the table.

White House spokesman Scott McClellan said Thursday that the president isn't backing down on his push for Social Security reform and personal accounts.

"We're continuing to work closely with members of Congress to move forward on saving and strengthening Social Security. This is one of the big priorities," McClellan said. "This is an important part of long-term economic security, because this system is headed toward bankruptcy. And it's important that we save it for future generations."

Social Security outlays are projected to exceed revenues by 2019, according to the nonpartisan Congressional Budget Office.

By 2052, the Social Security trust fund would be exhausted, meaning payments would be limited to the amount of money paid in through Social Security taxes, which would only cover 80 percent of commitments.

The core of Bennett's proposal hinges on changing the way increases in Social Security payments are calculated year-to-year. They are now tied to wages, which rise faster than inflation.

That would continue to be the case for the poorest third of the population. For the wealthiest 1 percent, Bennett's plan would index the increases to the inflation rate, meaning a slower increase than now projected. Those in the middle would have payments based on an index that blends the wage levels and inflation rates.

His plan also includes "longevity indexing," meaning those who draw on the system for a long period of time would see their payments increasing at a slower rate later in life.

Bennett's other bill would allow the creation of personal investment accounts.

He says separating the two parts of the puzzle enables those who want to ensure Social Security's solvency to vote to do so, and also creates a vehicle for those supporting private accounts.

Tanner said the private accounts are what makes the plan work.

"Any proposal that simply cuts benefits without including private accounts would simply require that American workers pay more and get less," Tanner said.