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Washington, D.C., May 13, 2009 - Yesterday, the Board of Medicare Trustees released their annual report highlighting the worsening financial condition of Medicare and Social Security programs. In light of the report, Congressman J. Randy Forbes (VA-04) again called on Congress to consider the bipartisan SAFE Commission legislation, H.R. 1557, to address imbalances in entitlement spending on Medicare and Social Security programs.

“The report released by the Medicare Trustees this week further highlights what we have already known – Medicare and Social Security programs as they stand now are not sustainable and entitlement program reform must be a priority for our federal government. If we do not get entitlement spending under control, we will have no choice but to eliminate vital public needs or raise taxes, both of which would have serious implications on our economy,” said Forbes. “The SAFE Commission Act creates a new process that is necessary for us to draw a line in the sand on matters of federal spending.”

The Board of Medicare Trustees, who is required to report annually to Congress on the financial status of the entitlement programs, said that Medicare funds will be depleted by 2017, two years earlier than reported last year. Additionally, Social Security will begin paying out more benefits than it receives in revenues beginning in 2016, and the program will be depleted by 2037. This is a year sooner, and four years sooner than projected last year, respectively.

The Securing America's Future Economy (SAFE) Commission Act, H.R. 1557, would establish a Commission to develop legislation that is designed to address the imbalances in entitlement programs and determine necessary revisions to the budget process to create greater emphasis on long-term fiscal responsibility. Congress would be required to vote up or down on the panel's recommendations.

The bipartisan SAFE Commission Act currently has 66 cosponsors, with nearly an equal number of Republican and Democrat cosponsors. It has been referred to the Committee on the Budget and the Committee on Rules where it awaits further action.

For more information on Congressman Forbes’ work to control government spending, visit http://forbes.house.gov/issues/budget.htm.