WASHINGTON, May 31, 2013 /PRNewswire-USNewswire/ -- The following is a statement from Maya MacGuineas, President of the Committee for a Responsible Federal Budget and head of the Campaign to Fix the Debt:
"With today's release of the Medicare and Social Security Trustees Reports, it's as obvious as ever that our ever-more-costly entitlement programs will need to undergo real reforms in order to be solvent for those who need them most in the generations to come.
"Though there is some good news in the reports – such as a reduction in health care cost growth leading to a two-year delay in Medicare's date of insolvency, from 2024 to 2026 – the truth is the longer we wait to adjust these programs, the more drastic changes will have to be, be they tax increases, benefit cuts, or both. The Social Security program is still set to become insolvent in 2033, a year in which, if no changes are made, all beneficiaries are set to receive an immediate 23 percent cut to their benefits.
"These reports are just another indication of how important it is for President Obama and Congress to work together on a comprehensive deficit-reduction plan, one that will cut wasteful and low-priority spending, overhaul our outdated tax code, and, most importantly, reform our entitlement programs for the benefit of future generations. The Campaign to Fix the Debt will continue working with both parties on a deal to protect and strengthen our entitlement programs on which so many Americans rely."
For more information about the Campaign to Fix the Debt, please visit www.fixthedebt.org.
SOURCE Campaign to Fix the Debt