WASHINGTON – U.S. Senator Bill Cassidy, M.D. (R-LA) issued the following statement after the Congressional Budget Office (CBO) released a report finding Medicare and Social Security spending rapidly outpacing federal tax revenues further hastening the insolvency deadlines.
“Today’s report confirms that Social Security insolvency, which triggers a 24% benefit cut, will occur sooner,” said Dr. Cassidy. “This is partly because of the high inflation triggered by President Biden’s partisan spending bills. Biden’s democratic predecessors, Obama and Clinton offered serious plans to save and strengthen social security. President Biden only uses the issues as political fodder.”
Current law requires that the Social Security Administration cuts benefits if the trust fund reaches insolvency. In June, Cassidy reacted to the latest Social Security and Medicare Trustees annual report saying these programs are heading toward a financial cliff. The report stated Social Security needs to either cut benefits by 25 percent or increase revenue by 33 percent to gain long-term stability. Learn more here.