Social Security

U.S. Congressman Pat Tiberi (R-OH), a member of the Ways and Means Committee issued the following statement after the Trustees of Social Security and Medicare Trust Funds issued their annual report:

"Once again this report indicates we must take action to reform our Medicare and Social Security programs to ensure that our children will be able to receive benefits. This year alone the fund from which Medicare hospital expenses are paid will pay more in benefits this year, than it collects in taxes. Once again the warning is dire, and the estimate of when the trust funds will be insolvent is even sooner than before. By 2016, the Social Security trust fund will be paying out more in benefits than it collects through payroll taxes.

"Each time Republicans have tried to put forth a smart plan that includes critical entitlement reform, Speaker Pelosi and her allies in Congress proclaimed it dead on arrival, most recently last month."

WASHINGTON, D.C. - House Republican Whip Eric Cantor (R-VA) today released the following statement after the Trustees for Medicare and Social Security issued their annual report detailing the worsening financial condition of both entitlement programs: