Sen. Cornyn: New Reports Highlight Crisis Facing Social Security & Medicare
Press Release
Sen. Cornyn: New Reports Highlight Crisis Facing Social Security & Medicare
Says Congress Must Work in a Bipartisan Way to Pass Entitlement Reforms
Echoing the dire warnings contained in annual reports released today by the trustees for the Social Security and Medicare programs, U.S. Sen. John Cornyn, a member of the Senate Budget Committee, said this afternoon that unless Congress engages in a bipartisan effort to reform entitlement spending, America will soon be facing a financial crisis of unprecedented proportions.
"These reports make clear that our country faces a gathering storm of an entitlement crisis. Unless Congress takes real steps and passes real reforms over the next several years, both Medicare and Social Security will become insolvent. In doing so, we will be breaking the promise of a safety net to current and future generations, while saddling our children and grandchildren with a financial debt of unprecedented proportions," U.S. Sen. John Cornyn said today. "It is for this critical reason that I was so disappointed with the budget passed earlier this month by the majority in the Senate. It did nothing to address this impending crisis and instead, kicked the can down the road so that the tough decisions which need to be made today, are once again put off until tomorrow."
In their annual reports released today, trustees for the respective programs said that unless entitlement spending is reformed, the resources in the Social Security trust fund will be depleted by 2041, and the reserves in the Medicare trust fund will be depleted by 2019.
"I hope every Member of Congress will take a close and careful look at these new reports. We must work together in a bipartisan way and do the right thing for our future generations," Sen. Cornyn concluded.
BACKRGOUND:
* Information on the Board of Trustees for Medicare report can be viewed here.
* Information on the Board of Trustees for Social Security report can be viewed here.
* During the Senate's consideration of the federal budget earlier this month, Senator Cornyn spoke on the Senate floor several times to urge his colleagues to address the entitlement reform crisis. Senator Cornyn's various floor statements during the budget debate can be viewed here, here and here.
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