SOCIAL SECURITY DISABILITY BENEFITS: GOP Lawmakers to Cut 70 Percent of Social Security and Medicare Benefits
May 27, 2011M/p>
Washington-- The GOP lawmakers plan to cut 70 percent from Social Security and Medicare programs to resolve U.S. debt limit crisis.
The GOP lawmakers discussed during the Congressional Research Service (CRS) briefing the feasibility of reducing Social Security benefits by 70 percent. This means freezing retirement, disability, and Medicare assistance to beneficiaries until the government can stabilize its fiscal debts.
The SS benefit reduction plan is a response from the CRS report of $1.4 trillion deficit before year 2011 ends. On Wednesday, at least 24 GOP senators wrote to Obama, urging his administration to draft a 2012 budget that meets $2.6 trillion limit on spending.
The letter stated that $2.6 trillion is the expected revenue of the U.S. government next year. This should be the limit on spending so the government would not have to borrow money just to pay its bills. The amount is also sufficient to pay debt interest, basic Social Security benefits, and necessities. It also calls for Obama to possibly meet expenses lower than $2.6 trillion to secure contingency.
The two-dozen senators reiterated that the deep cuts may not be attractive to citizens, but it will help U.S. Treasury overcome the August 2 default deadline.
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