Congressman Adrian Smith (R-NE) released the following statement after the 2012 Social Security and Medicare Trustees Reports showed both programs will be insolvent within the next 20 years:
"Today's report highlights the urgent need for fundamental reform to our entitlement programs," said Smith. "Arbitrary cuts like those proposed by the Administration won't solve this problem. The House-passed budget, which I voted for, puts Medicare on a path to long-term sustainability while making no changes for those in or near retirement. We must do the same for Social Security; the longer we wait to make the tough decisions, the more we risk insolvency, which will lead to sharp, sudden benefit cuts."
Smith serves on the Ways and Means Committee which has jurisdiction over Medicare and Social Security in the U.S. House of Representatives.