On the day President Obama announced his vision for curbing the costs of entitlement programs and reining in the nation's deepening debt, three conservative Republican senators announced their plan to raise the eligibility age for Social Security to 70 while lowering monthly payments to upper-income retirees.

Under the plan, sponsored by Graham, Sen. Rand Paul of Kentucky and Sen. Mike Lee of Utah, the retirement age for full Social Security benefits would gradually increase to 70 in 2032. After that, the retirement age would be adjusted to match life expectancy. People who earned $43,000 or less on average over the years they worked would be exempt from means-testing while those who made more money would see their monthly payments lowered.

Paul said the plan would keep Social Security solvent for generations without raising taxes or privatizing accounts. Both Paul and Graham support allowing private investment accounts as part of social security but acknowledge there's not enough support in Congress for that to pass.

13th District Congressman, Mac Thornberry (R), had this to say about the proposed move.

"I believe that every option for Social Security reform must be considered to save the system. Current beneficiaries and those near retirement age should be protected, but the rules for younger workers will have to change. I also believe that successful reform will require both parties working together, focused on saving the system rather than gaining some kind of partisan advantage."