Notably absent from Pres. Biden's unveiled $6.8 trillion budget proposal for fiscal year 2024 is a plan to shore up the finances of Social Security.
President Joe Biden delivers remarks about his budget for fiscal year 2024 at the Finishing Trades Institute in Philadelphia, March 9, 2023.When President Joe Biden unveiled his $6.8 trillion budget proposal for fiscal year 2024 on Thursday, notably absent was a plan to shore up the finances of Social Security.over the programs in his State of the Union address last month.
For Medicare, which is on track to deplete its trust fund in 2028, Biden's proposed tax increases on the wealthy and bringing down drug costs would bolster the program's finances through 2050. The plan was unveiled by Biden in an op-ed for the New York Times two days before the official budget release., praised the Medicare measures but said it was "extremely disappointed it neglects Social Security, putting seniors' benefits at risk.
"I wish we were at the point of the debate where we could sit down and come up with proposal to extend [solvency]. Unfortunately, it's clear some people want to go backwards ... You're assuming all players are starting from the same place, they're not," Young said. President Joe Biden delivers remarks about his budget for fiscal year 2024 at the Finishing Trades Institute in Philadelphia, March 9, 2023.MORE: Is Social Security on the GOP's 'chopping block' as Biden claims? Experts weigh in
"Changes to Social Security have always been bipartisan, and so it might not be something that he wants to do on his own because it will probably involve some pain," Johnson said.
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