Cassidy Accuses Biden of Dodging Meetings on Social Security

As Sen. Bill Cassidy, R-La. (Senate Finance Committee) expressed frustration, the Senate Finance Committee was rocked by anger. Janet Yellen, Treasury Secretary, was questioned by Joe Biden about his intentions regarding Social Security. It is expected that Social Security will become insolvent within nine years.

Cassidy focused on the apparent inability of the president to consider the ailing retirement plan during the March 16 hearing. Cassidy expressed frustration at repeated failures to schedule bipartisan talks with Biden on the subject.

“Is the president aware that when Social [Security] goes broke in nine years, under current law, there’s a 24 percent cut in benefits for people who are currently receiving?” Cassidy stated.

These questions were followed by more pointed ones.

“Of the $4.5 trillion in taxes the president has proposed, are any of those taxes going to shore up Social Security?” Cassidy asked.

Then, “Why doesn’t the President care?”

Cassidy interjected mid-sentence. Yellen started to state that President Obama is ready to work alongside Congress on Social Security reform.

“That’s a lie,” Yellen told him that a bipartisan committee of senators made numerous requests to meet with President Obama about Social Security. However, they have not received a reply.

“So if you’ve been told to say that he stands ready to me, I will tell you there’s absolutely no evidence because we have not gotten our meeting,” Cassidy stated.

Following the exchange, Chairman Ron Wyden of Oregon issued a warning regarding decorum.

“I would just caution colleagues that there are plenty of differences here, but accusing witnesses of lying is over the line,” Wyden said.

Cassidy said that he was defending his statement. “I did not mean that for the Madame Secretary, who was merely saying what she’s been told.”

Next was Sen. Tom Carper, (D-Del.Sen. Tom Carper (D-Del.), was the next speaker and broke the tension by speaking lightheartedly. “Welcome to the Finance Committee, Secretary Yellen.”

Cassidy was not the only one who expressed concern about the nation’s retirement program.

Sen. Chuck Grassley (R.Iowa), had previously questioned Yellen about Biden’s intent to protect Social Security.

“The president’s budget includes no proposal to extend the solvency of the Social Security Trust Fund,” Grassley spoke.

“Can Congress expect to see the president’s proposal to put Social Security on a sound fiscal basis, replicating the leadership of President [Ronald] Reagan and Tip O’Neill?” Grassley has been a senator since 1981 when Republican Reagan was President and Massachusetts Democrat O’Neill was Speaker.

“President Biden stands ready to work with Congress to shore up Social Security and discuss possible approaches. So that’s a conversation that it’s important for us to have,” Yellen said.