Latest proposal aims to reduce US budget by making significant changes to Social Security.
Republican Lawmakers Seek Changes to Social Security
A group of Republican lawmakers has brought changes to Social Security back to the table as House Republicans aim to curb government spending and balance the federal budget.
The House Republican Study Committee unveiled a new blueprint on Wednesday that proposes significant changes to Social Security, including raising the full retirement age to 69 instead of 67.
Gradual Increase in Retirement Age
According to the proposal, starting in 2026, the full retirement age would increase by three months per year, excluding those who are already retired or nearing retirement. This change would continue until the retirement age reaches 69 for individuals turning 62 in 2033. However, it’s important to note that raising the retirement age could result in decreased payouts for those who choose to retire early.
The blueprint suggests that these changes would help ensure the solvency of Social Security, although it does not provide detailed information on how this would be achieved.
Funding Social Security
Lawmakers in both chambers of Congress have been grappling with the challenge of funding Social Security before it becomes insolvent in 2033, when its trust is fully depleted. Republicans argue that failing to address this issue could lead to a 23% cut in benefits.
“The RSC budget would implement common-sense policies to prevent the impending debt disaster, tame inflation, grow the economy, protect our national security, and defund [President Joe] Biden’s woke priorities,” said Rep. Ben Cline (R-VA), chairman of the group’s Budget and Spending Task Force.
Democrats, on the other hand, have pushed back on the new blueprint, favoring funding Social Security through higher payroll taxes and increased taxes on the country’s elite.
Debt Ceiling Negotiations
Social Security has been a key issue in lawmakers’ discussions on the debt ceiling. However, in a recent agreement that included cuts to federally funded programs, Social Security was not among them.
House Speaker Kevin McCarthy (R-CA) acknowledged that government programs like Social Security and Medicare are primary drivers of the federal budget. He emphasized that the debt ceiling deal is just one aspect of the broader Republican agenda.
Although the new proposal may pass the House of Representatives, where Republicans hold the majority, it is not expected to pass the Democratic-controlled Senate or be signed by President Joe Biden.
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