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Hagel, Tanner Propose Commission of Future of Social Security, Medicare, Medicaid

Date: Oct. 19, 2005
Location: Washington, DC
Issues: Senior Citizens Unemployed and Low-Income Entitlements and the Safety Net Health Insurance


HAGEL, TANNER PROPOSE COMMISSION ON FUTURE OF SOCIAL SECURITY, MEDICARE, MEDICAID
October 19, 2005

Bipartisan Panel Would Study Long-Term Solvency of Entitlements

WASHINGTON, D.C. - Congressman John Tanner (D-TN) today introduced legislation creating a bipartisan commission to study the long-term stability of Social Security, Medicare and Medicaid. Tanner joined U.S. Senator Chuck Hagel (R-NE) in announcing the "Comprehensive Entitlement Reform Commission Act of 2005."

"Millions of Americans depend on Social Security, Medicare and Medicaid," Rep. Tanner said. "Because of an aging population, stagnant birth rates and longer life spans, however, the systems face long-term fiscal burdens over the next 75 years. We cannot sustain these important programs over time if we do not take a comprehensive look now at potential reforms.

"It is our responsibility to ensure these important retirement and health care programs are stable so future generations can obtain the assistance they have been promised and that they have helped support for others before them."

If federal spending grows with the economy and Congress extends expiring tax provisions, all federal revenue by the year 2040 will be needed to pay interest on the national debt, Tanner said, citing figures from Comptroller David Walker of the Government Accountability Office. That would be crippling to entitlement programs Americans depend on, Tanner said.

Sen. Hagel stated on the Senate floor that Social Security, Medicare and Medicaid are vital for millions of Americans coping with retirement and health care costs but that the programs "represent a $42 trillion unfunded commitment and are on a trajectory that cannot be sustained."

The Hagel-Tanner legislation would establish a bipartisan entitlement reform commission to review the three programs and make recommendations on how to sustain their long-term solvency and stability. The commission, comprised of eight members and subject to Government Accountability Office oversight, would submit a final report to the President and Congress within one year.

Tanner represents Tennessee's 8th Congressional district in West and Middle Tennessee. He serves on the House Ways and Means Committee.

http://www.house.gov/tanner/press109-047.htm

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