WASHINGTON, D.C. – House Budget Committee Chairman Tom Price, M.D. (GA-06) issued the following statement in response to the latest Medicare and Social Security trustees reports. According to the Trustees, Medicare’s hospital insurance trust fund is expected to be insolvent in 2028 – two years earlier than previously estimated. Social Security will exhaust its reserves in 2034 after which the program will be able to pay only about three-quarters of scheduled benefits.
“The trustees have sent another wake-up call to Congress to get serious about reforming these critical programs. The health and retirement security of millions of Americans are in jeopardy, and yet the president and Democrats are happy to ignore this predictable crisis and impede any efforts to avoid it. They are putting American seniors at risk and our nation’s fiscal and economic future at risk. While President Obama and Democrats in Washington are willing to walk away from their responsibilities and leave the next generation to clean up the mess, House Republicans and the House Budget Committee are not.
“We understand what is at stake, and that is why we have consistently included positive solutions in our budget resolutions that would provide seniors with more choices when it comes to Medicare while protecting and preserving the program. Additionally, we encourage Congress and the president to begin the process of improving Social Security so we can ensure its long-term solvency. Through the committee’s Restoring the Trust for All Generations initiative we are further raising awareness about the fiscal and policy challenges inherent in these programs, and the unique impact they have on Americans in every stage of life. We must build a critical mass of support across this country and in Congress to take action and make improvements before time runs out.”