Tuesday, February 7, 2023
HomeLife InsuranceGOP Threatens Social Safety, Medicare Cuts in Debt Ceiling Combat

GOP Threatens Social Safety, Medicare Cuts in Debt Ceiling Combat

As we speak’s Medicare beneficiaries “are already struggling to take care of prices and making an attempt to determine decisions below our present system,” she continued.

“The plans would considerably cut back Social Safety advantages, and enhance out of pocket spending for Medicare in comparison with present advantages,” Johnson added.

Johnson notes in a current weblog publish that “the prospect of issues affecting the well timed funding of Social Safety advantages seems to be rising this 12 months,” because the Republican majority within the Home “pushed by way of a brand new algorithm which might make it tougher to boost the federal debt restrict with out corresponding spending cuts.”

That features guidelines, Johnson wrote, “that will complicate the consideration of laws that will enhance necessary spending with out cuts.”

Necessary spending, Johnson stated, “offers the funding for Social Safety, Medicare, and different security internet applications. A supermajority or 290 votes out of 435 could be required within the Home of Representatives to boost taxes. This will increase the potential of a confrontation over elevating the debt restrict and calls for to chop Social Safety advantages.”

Additional, Johnson writes, “It could additionally enhance the prospect that fee of Social Safety advantages could also be delayed or increase the danger that advantages won’t be paid in full, ought to lawmakers stalemate over a funds settlement.”

Max Richtman, president and CEO of the Nationwide Committee to Protect Social Safety and Medicare, despatched a letter to Senate and Home leaders Monday.

“It’s important that Congress take up and go ‘clear’ debt restrict laws, not solely to guard our nation’s economic system, but in addition to stop the danger of serious financial hurt particularly to over 65 million People who obtain advantages by way of the Social Safety program and the 63 million beneficiaries who obtain well being care by way of Medicare,” Richtman instructed the lawmakers.

Richtman famous in a current op-ed for The Hill that Republicans now “chair the highly effective Home Methods and Means and Funds committees, which have super affect over Social Safety and Medicare coverage.”

Luckily, Richtman wrote, “a majority Democratic Senate and President Biden have the ability to dam main laws to chop or undermine Social Safety and Medicare. However they might be below super stress from the GOP to make concessions throughout debt ceiling and funds negotiations.”

Valliere agrees, stating in his Wednesday Capitol Insights briefing that “Biden can bash away on the GOP’s consideration of Social Safety cuts, which is not going to go (neither will a VAT tax).”

The consumption tax is “one other dangerous gambit” for Republicans, Valliere writes, including that analysts consider such a tax “would profit rich taxpayers and disproportionally damage center and decrease class taxpayers.” He concludes that debating a consumption tax will give Democrats “one other juicy goal.”


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