U.S. Senate Republican Leader Mitch McConnell made the following statement today after the trustees for Medicare and Social Security issued their annual report that showed the programs will become insolvent sooner than expected:
"As the trustee's report makes abundantly clear, there can no longer be any doubt or denial: our nation's Medicare and Social Security programs are unsustainable, and will run out of money sooner than expected. According to the trustee's report, the Medicare trust fund will be exhausted five years earlier than last year's estimate, while the Social Security fund will be exhausted a year earlier than the last estimate. The Trustees are clear on this point: "If action is taken sooner rather than later, more options and more time will be available to phase in changes so that those affected have adequate time to prepare.' The President's request to raise the debt limit is the perfect time to pass significant spending reductions and reform entitlement programs. If we want these programs to be sustainable in the future, without creating an unsustainable burden for future generations, we must take this opportunity to get serious, now. The Medicare trustees say "prompt action is necessary.' The time to act is now."