Former President George W. Bush called for a transition to a combination of a government-funded program and personal accounts ("individual accounts" or "private accounts") through partial privatization of the system. President Barack Obama "strongly opposes" privatization or raising the retirement age, but supports raising the cap on the payroll tax ($106,800 in 2009) to help fund the Social Security program. Federal Reserve Chairman Ben Bernanke said on October 4, 2006: "Reform of our unsustainable entitlement programs should be a priority. The imperative to undertake reform earlier rather than later is great. The tax increases or benefit cuts required to maintain the system as it exists under current law are significantly higher the longer such changes are delayed.