Tags: Barack Obama | Economic- Crisis | Obama | debt | plan | jobs

Obama Debt Plan Unlikely to Cut Social Security

Thursday, 15 Sep 2011 03:04 PM

President Barack Obama is unlikely to include Social Security cuts in his plan to handle the nation’s debt problem that he will present to Congress Monday. It’s unclear whether the plan will include raising the Medicare eligibility age from 65 to 67, The Washington Post reported.

Both programs were on the table during debt negotiation with Republicans this summer, a fact that drew the ire of fellow Democrats. Sources tell the Post that Social Security is not contributing to the nation’s immediate deficit problem and changes to the program will not be part of the plan. However, sources were less clear on whether changes in the Medicare eligibility age would be recommended.

As part of a plan to overhaul entitlements, the plan may include provisions to save $340 billion in the Medicare and Medicaid programs. The plan may also call for $800 billion in tax increases, changes in personal and corporate tax codes, cutting back on farm subsidies and larger contributions to federal pension plans by employees, the Post reported.

The plan, which White House officials say is still a work in progress, is to be sent to the bipartisan congressional “supercommittee” that must come up with $1.2 trillion in budget savings, the Post reported.


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