It has to be raised. It was not designed to fund retirement for 20 + years.My guess is that House Democrats would be more than willing to pass a plan that 1) raised the cap (the solution used before to increase solvency) and 2) either a short-term earmarked tax on investment income (at low rates) or a short-term low rate increase on FICA income.
Raising the full retirement age to 70 is a non-starter. Tell someone working in construction, roofing, or carpentry that he has to work until he's 70. Hell, I don't have a physically demanding job and I won't work full-time until I'm 70.