A major new proposal would largely continue in the same direction as EGTRRA's retirement savings provisions. On April 11, 2003, Representatives Portman and Cardin introduced "Portman- Cardin III." Although an official revenue estimate is This column examines the new Portman-Cardin proposals in the context of the pension system, the sluggish economy, and the deteriorating long-term budget outlook. On balance, the proposal would make the pension system more expensive and regressive, without materially improving its ability to generate adequate and secure retirement income; it would exacerbate the long-term budget outlook; and it would prove counterproductive as an economic stimulus.