Democrats have been on the offensive on Social Security for months, accusing Republicans repeatedly and publicly of wanting to cut the entitlement program. However, some Republicans are responding by giving back to Biden to address the program’s insolvency threat.
Democrats have been on the offensive on Social Security for months, accusing Republicans repeatedly and publicly of wanting to cut the entitlement program. (Photo: NBC News)
The dynamic was on full display during a pair of hearings in which Republicans chastised White House officials and emphasized the absence of a plan to shore up Social Security updates in the president’s 2024 budget proposal, which he released last week.
Sen. Bill Cassidy (R-La.) was among the Republicans who raised the issue during a heated exchange with Treasury Secretary Janet Yellen during a Finance Committee hearing Thursday.
The Congressional Budget Office (CBO) estimated last month that the program’s fund would run out of money in 2032.
Yellen stated that Biden “stands ready” to work with Congress on the issue, but Cassidy referred to this as a “lie.”
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Cassidy has been leading bipartisan talks with Sen. Angus King (I-Maine) to look into potential fixes to ensure the program’s funding.
Sen. Mitt Romney (R-Utah) pressed White House Office of Management and Budget (OMB) Director Shalanda Young about Biden’s Social Security updates for the program and his accusations against Republicans during a hearing before the Senate Budget Committee on Wednesday.
The exchanges are the latest manifestations of Republican angst, as the party has sought to allay fears that it is planning to cut Social Security, despite an onslaught of attacks from the opposition.
Democrats have responded to the criticisms by claiming that the president’s resume speaks for itself.
The president’s Social Security updates included investments aimed at improving recipient services. While he did not propose a plan for Social Security solvency, the request provided a path to shore up Medicare, as some estimates predict the program’s Hospital Insurance trust fund will become insolvent in about five years. The budget proposes a higher tax rate on earned and unearned income above $400,000, which the White House claims will keep the fund solvent for at least the next 25 years.
Democrats began attacking Republicans over Social Security months ago after some Republicans floated the idea of linking potential entitlement reforms to a deal to avoid a federal default late last year.
The Republican Study Committee, the House’s largest conservative caucus, has also drawn attention to proposals to lower the eligibility age for Social Security and Medicare, which many Democrats regard as a nonstarter.
That hasn’t stopped Democrats from raising the alarm as House Republicans pushed for plans to balance the federal budget in ten years — an ambitious goal Democrats say would be impossible without drastic cuts to spending across the board, including Social Security.
Despite mistrust among some Democrats, several senators have recently expressed a willingness to explore bipartisan solutions to help shore up Social Security and Medicare funds.
