Countdown to Release of President Obama's Budget: 5 Days Remaining
Will the President’s budget provide a plan to save Social Security and Medicare?
The Social Security Old-Age and Survivors Insurance (OASI) and Medicare Hospital Insurance (HI) trust funds finance Social Security retirement benefits and Medicare hospital benefits, which will be increasingly in demand as the number of seniors expands dramatically over the coming decades. Without reforms, the OASI trust fund will become insolvent in 2030, subjecting seniors to an automatic 29% benefit cut. Similarly, in just a decade from now, the Medicare HI trust fund will be bankrupt, reducing seniors’ access to care. The longer the President and Congress wait to act, the more painful the solutions will have to be to preserve these programs for current and future seniors.
