Rep. Womack Issues Statement on Social Security, Medicare Trustees Reports

WASHINGTON, April 22 -- Rep. Steve Womack, R-Arkansas, ranking Republican member of the House Budget Committee, issued the following statement after the Boards of Trustees for the Social Security and Medicare trust fund released their annual reports:

"These reports confirm what we have known for years: the programs that millions of Americans pay into and expect to have in the future are going broke - driving up federal spending, growing our deficits, and crowding out other priorities in the process. We cannot afford to ignore this reality any longer.

"Lawmakers have a responsibility to provide solutions that preserve and strengthen these programs for seniors and individuals with disabilities who count on certain benefits today and for younger generations down the road. And we need to do so without driving our nation further into debt.

"A budget provides Congress a guide to do just that, establishing a fiscal framework that can put these critical programs on the path to solvency. Unfortunately, House Democrats decided to skip the budget process, focusing instead on proposals that do nothing to protect these programs and make our nation's financial situation even worse.

"I hope House Democrats refocus their energies when we return to Washington, D.C., next week to better align their efforts with some of our nation's most pressing challenges."

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Background: Under current law, Social Security and Medicare face long-term fiscal shortfalls. The Social Security Trust Fund, which is the combined Old-Age and Survivors Insurance and Disability Insurance, is set to be depleted by 2035, at which time the fund would only be able to cover 80 percent of scheduled benefits. The Medicare Hospital Insurance Trust Fund, which covers hospital payments, is projected to be depleted in 2026, at which time it would only be able to cover 89 percent of program costs.