House Democrats, looking to renew plan to expand Social Security, say debt ceiling fight ‘hurts seniors the most’

Rep. John Larson, D-Conn., leaves the Capitol after the ultimate votes of the week on Feb. 28, 2019.

Bill Clark | CQ-Roll Call Group | Getty Images

At the Tuesday occasion, House Minority Leader Hakeem Jefferies, D-N.Y., known as it “harmful default gamesmanship” that would put advantages for thousands and thousands of retirees throughout the nation in danger.

Social Security already faces funding dangers

In order to stop a Social Security funding shortfall, congressional Democrats and Republicans should agree on an answer.

The latest projections from the Social Security Board of Trustees present the belief fund used to pay retirees, in addition to their household and survivors, will likely be depleted 10 years from now. At that time, 77% of these advantages will likely be payable.

When mixed with the belief fund used to pay incapacity advantages, the funds are projected to be depleted in 2034, when 80% of benefits would be payable.

The Social Security 2100 Act that was launched in the final Congress had broad help amongst House Democrats.

This tactic of holding the financial system hostage hurts seniors the most.

John Larson

Democratic Representative from Connecticut

The newest model of the invoice will likely be sponsored by Democratic Sens. Richard Blumenthal of Connecticut and Chris Van Hollen of Maryland, Larson stated.

Sens. Bernie Sanders, I-Vt., and Elizabeth Warren, D-Mass., reintroduced their very own Social Security proposal earlier this yr, which equally goals to enhance advantages whereas extending the program’s solvency by taxes on the rich.

To date, Republican lawmakers haven’t proposed laws to tackle Social Security’s funding woes. Sen. Bill Cassidy, R-La., recently said he’s engaged on a bipartisan “huge concept” to tackle the program’s 75-year shortfall.

“That’s why we’re right here, to implore our Republican colleagues to work with us, to signal on to our invoice, or produce what they consider is a greater plan,” Larson stated.

Changes in the Social Security 2100 Act

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