As reported in the Washington Post this morning by Dan Froomkin, President Bush has said for the first time he would consider raising the cap on income subject to payroll taxes. The president has previously stated firm opposition to raising the tax rate but has remained silent on the cap on social security payroll taxes, currently set at $90,000. The president's announcement opens the door to the possibility of dramatically increasing Social Security revenues. Estimates by Social Security actuaries show by lifting the cap completely, it may be possible to close the entire funding gap in the program over the next 75 years.