A new budget by a large and influential group of House Republicans calls for raising the Social Security retirement age for future retirees and restructuring Medicare.
For Social Security, the budget endorses “modest adjustments to the retirement age for future retirees to account for increases in life expectancy.” It calls for lowering benefits for the highest-earning beneficiaries. And it emphasizes that those ideas are not designed to take effect immediately: “The RSC Budget does not cut or delay retirement benefits for any senior in or near retirement.”
Biden has blasted Republican proposals for the retirement programs, promising that he will not cut benefits and instead proposing in his recent White House budget to cover the future shortfall by raising taxes on upper earners.
This is the best summary I could come up with:
WASHINGTON — A new budget by a large and influential group of House Republicans calls for raising the Social Security retirement age for future retirees and restructuring Medicare.
Apart from fiscal policy, the budget endorses a series of bills “designed to advance the cause of life,” including the Life at Conception Act, which would aggressively restrict abortion and potentially threaten in vitro fertilization, or IVF, by establishing legal protections for human beings at “the moment of fertilization.” It has recently caused consternation within the GOP following backlash to an Alabama Supreme Court ruling that threatened IVF.
The plan became a flashpoint in the 2012 election, when Ryan was GOP presidential nominee Mitt Romney’s running mate, and President Barack Obama charged that it would “end Medicare as we know it.”
Notably, the RSC budget presents three possible options to address the projected insolvency of the retirement programs: raise taxes, transfer money from the general fund or reduce spending to cover the shortfall.
“Raising taxes on people will further punish them and burden the broader economy–something that the spend and print regime has proven to be disastrous and regressive,” the budget says, adding that the committee also opposes “a multi-trillion-dollar general fund transfer that worsens our fiscal situation.”
The RSC budget launches blistering criticism at “Obamacare,” or the Affordable Care Act, and calls for rolling back its subsidies and regulations that were aimed at extending insurance coverage.
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