11/16/2004: Pension Agency's Deficit Hits Record Number (The Washington Post; subscription may be required)

Excerpt: Struggling under a cascade of bankruptcy filings in the airline and steel industries, the government's pension insurance agency said yesterday that its deficit has more than doubled in the past year -- to $23.3 billion. The figure is so large that an overhaul of the way traditional pensions are funded and insured has become essential, several experts said. Pensions of about 44 million workers and retirees are insured by the Pension Benefit Guaranty Corp.