NJ Gov. Chris Christie proposing overhaul of Social Security benefits in New Hampshire speech

New Jersey Gov. Chris Christie is proposing an income cap on Social Security benefits as part of major restructuring plan announced ahead of a likely presidential bid.

The Republican is set to deliver a speech Tuesday in New Hampshire outlining his ideas on reforming Social Security, Medicare and Medicaid and other so-called "entitlement" programs.

Christie will propose phasing out Social Security payments for those making more than $80,000 in other income, and eliminating them for those making $200,000 or more a year.

Christie's political action committee released excerpts before the speech. It's part of an effort to frame Christie as a politician who's unafraid to share "hard truths."