Speaker Mike Johnson reassured Americans that Social Security benefits will not be cut, despite the program facing a funding crisis.
Speaker of the House Mike Johnson provided an update on Congress 's plans for Social Security on Tuesday. When questioned about the possibility of cuts to entitlement programs such as Social Security and Medicare , Johnson affirmed his support for their continued funding. Social Security benefits approximately 70 million Americans, many of whom are retired individuals who rely on the monthly payments during their retirement years.
However, the Social Security Administration is currently encountering a funding crisis. Without any modifications to the program, the fund is projected to exhaust its resources for full payments as early as 2035. Although some lawmakers have proposed reductions to the program or suggested raising the retirement age to help stabilize Social Security's finances, many of these initiatives are met with disapproval from voters. This sentiment is particularly strong among the Republican Party, which boasts a substantial older, retired voter base. During a press conference on Tuesday, Johnson stated, 'The president has made very clear. Social Security and Medicare have to be preserved.' He added, 'No one is coming in with the intention of cutting benefits in any way or anything, but we have to look at all spending and look at it very deliberately while maintaining those commitments.' Johnson further emphasized that the Republican Party will not be reducing benefits, but there are numerous areas of fraud and waste that will be subject to future audits. Kevin Thompson, a finance expert and founder and CEO of 9i Capital Group, remarked to Newsweek: 'Johnson has pledged that Republicans will uphold their commitment not to cut entitlement programs like Social Security. I believe they will avoid addressing the issue directly and leave it for the next administration to tackle, as this stance was a key part of their campaign.
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