thank you very much. >> thank you acting commissioner colvin. >> before i take questions for the trustees to answer, i ask that if you're called on to please wait for the microphone to arrive to you. once you do have the mike please state your name and media outlet before asking your question. and finally we ask that all questions remain on topic. with that i will -- go ahead. >> mike. >> nick tomoroso, the "wall street journal." i guess my question is for you, secretary lew. the president said earlier this month benefits should be made more generous for current and future retirees in social security. and given how challenging it has been for the administration to come up with a political solution on the solvency challenge, i wonder how the administration would justify pushing now for more generous benefits. wouldn't that push the goalposts on the solvency challenge further down the field? >> well, nick, i think the president was clear, as i was in my opening remarks, that our -- we need to make sure that the trust fund is solvent, that it's secure for the long term, and that as we do tha

thank you very much. >> thank you, acting commissioner colvin. before i take questions for the trustees to answer, i ask that if you're called on, to please wait for the microphone to arrive to you. once you do have the mike, please state your name and media outlet before beginning your question. finally, we ask that all questions remain on topic. >> reporter: nick timerof from "the wall street journal." the president said benefits should be made more generous for future and present retirees in social security. given how challenging it has been for the administration to come up with a political solution to the solvency challenge, i wonder how the administration would justify pushing for benefit increases. doesn't that push the some seven have i challen solvency challenge down the field? >> we need to make sure the trust fund is solvent, that it's secure for the long term, and that as we do that, we have the ability to look at benefits and to finance some changes in benefits at the same time. this is not a new issue. we looked at these issues in 2

david seaburg. >> let's switch over to bonds and bring in todd colvin.with david's general assessment that if they vote to stay -- >> that was big ben, by the way. >> if they vote to stay, it's risk on. if they vote to leave, it's risk off. and i would say that would tell me that if they vote to stay, then we're going to see treasuries fall, correct? >> well, i doubt we'll see treasuries fall that much. i believe the risk-on trade comes if we see them leave but ultimately if they stay, you have to ask yourself why. were they able to forge new deals, get better deals they have now like mr. trump speaks about getting better deals out there. the uk has been paying a lot of this -- contributing a lot to the eu but not getting benefits. i think treasury yields would remain low because of the fact we saw this week the u.s. economy is not as strong as people think. yes, it's been a risk-off trade helped by the brexit to keep yields low, but the multimately we see yields going down. >> the british pound has added gains now at $1.43. >> take a look at the intrada

thank you very much. >> thank you acting commissioner colvin. >> before i take questions for the trusteesanswer, i ask that if you're called on to please wait for the microphone to arrive to you. once you do have the mike please state your name and media outlet before asking your question. and finally we ask that all questions remain on topic. with that i will -- go ahead. >> mike. >> nick tomoroso, the "wall street journal." i guess my question is for you, secretary lew. the president said earlier this month benefits should be made more generous for current and future retirees in social security. and given how challenging it has been for the administration to come up with a political solution on the solvency challenge, i wonder how the administration would justify pushing now for more generous benefits. wouldn't that push the goalposts on the solvency challenge further down the field? >> well, nick, i think the president was clear, as i was in my opening remarks, that our -- we need to make sure that the trust fund is solvent, that it's secure for the long term, and that as we do that we

moving over for a look at alook crash on seven east at colvin cl run, watch out for delays there.ee on seven we'ree're dealing with very big delaysig l leading towards that location. g parkway backs up towards theot key bridge.key brge. keep it to fox5 news morning.ni we'll take look at metro and safetrack as we continue. ♪ >> this is fox5 news morning. >>> right now at 8:00 a liveno look outside on this wednesday morning. it's june 22nd, 2016. weathe jr and traffic coming upp for you on the 5's at 8:05. 8 good morning, i'm allison ais seymour.ymou >> i'm jim lokay in for steveor today.to welcome to fox5 news morning atg 8:00 o'clock and we want to geto caught up on what's happeningt'h right now at 8:00.perinow at >>> we start with breaking newss out of the prince george's county a man's body has beenn found in the road in the area of 450 and glendale road in bowie.e our newsroom got a couple callsc from viewers who saw all going g down. it's unclear right now what andt how the man died.manied. but annie yu is on the way to w the scene and she'll bring usl u updates as we get them

todd colvin, what do you expect to see in the next 20 minutes or so. worse? >> i think this is momentum starting to pick up. i think mid-session you had a little bit of hope. equities came off the lows a little bit. saw treasury yields begin to rise. we're into the ultrauber selling period as we run into the close. i don't expect to see much buyer. this is still a knee-jerk reaction. calmer heads will prevail. we'll see next week more sophisticated investors come in to buy these. you don't want to buy falling knife. said it before. i said it again. wait for things to come. volatility index tells you if things are settled. step in to make more of an educated investment instead of grabbing what is falling. liz: listen, that is very good advice. thanks to all of you guys. exactly 20 minutes before the closing bell rings. s&p losing 75 points right now at 2037. make sure, tune into "wall street week" tonight. anthony scaramucci and gary kaminsky will give their unique take on all the drama with the markets here. these devices are traders. they have their elbows i

thank you and with that i u will now turn this over to acting administrator colvin. >> he envisioned social security as a bold new way to provide workers and families through broad social insurance protections. with the support of scholars and business leaders over the years, social security is still evolving to fulfill fdr's vision. it's also the main source of life insurance and disability protection for working families. few government agencies touch as many lives as we do at the social security administration. fdr envisioned social security as an earned benefit. workers pay for it through deductions from their paychecks. this year employees pay 6.2% of their earnings up to $118,500 and employers pay a matching amount. the money goes to the social security trust fund and spent only for benefits. in addition 4 in 10 beneficiaries pay income taxes from their benefits and that money, too, goes sbo the social security and medicare trust funds. any trust fund money not needed for immediate benefits is invested in earned interest that helps pay future benefits. outsource reserves now ex