Congress has said that “No entitlements are off the table”. They should begin by cutting their own.
According to the Federal Times, one out of every six retired lawmakers has a pension of over $100,000. (http://www.federaltimes.com/article/20121105/BENEFITS02/311050001/1-6-re...)
A bill, H. R. 2913, sponsored by the Honorable Mike Coffman (R-Colorado) to reform congressional pensions has been stuck in committee since it was introduced in January of this year.
The Honorable Howard Coble (R-South Carolina) has introduced H.R. 2652 to the increase the vesting period for Congressional Pensions from five years to twelve. The bill has been “Received in the Senate and read twice and referred to the Committee on Judiciary”.