Republicans have pledged to cut spending and balance the budget, triggering a delicate conversation on the future of Americans’ benefits.
But these entitlements face annual shortfalls, especially as the number of retired Americans grows faster than the two programs’ dedicated tax revenue. The complicated fiscal picture has led CBO to conclude that Social Security could, at which point it would become insolvent, potentially resulting in a 23 percent cut to seniors’ monthly checks unless Congress intervenes.
Other GOP leaders have ruled out direct cuts for seniors currently collecting benefits, leaving the door open for discussions about other legislative proposals.“You’ve got to protect Medicare and Social Security. And the path the Democrats are going, they are going to go bankrupt,” McCarthy told reporters last week.
“No one needing Social Security right now, or expecting to get it in the near future, should be impacted,” added Rep. Earl L. “Buddy” Carter , another member of the Republican Study Committee, who described the debt ceiling as a means of political “leverage.” The idea could gain some traction in the House, where Buchanan pointed to the bill as he stressed the need to “work together and not make this so political.” Another top Republican, Rep.
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