Obama Debt Plan Unlikely to Cut Social Security

Thursday, 15 Sep 2011 03:04 PM

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink
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.


© 2014 Newsmax. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Northern California Wildfire Burns 100 Homes

Monday, 15 Sep 2014 22:38 PM

A fire driven by fierce winds raced through the small town of Weed, Calif., near the Oregon border on Monday, burning a  . . .

Senate Holds Hearing on DC Statehood

Monday, 15 Sep 2014 21:06 PM

In a renewed push to grant statehood to Washington, D.C., a federal hearing was held Monday for what some hope is the st . . .

James Foley's Parents 'Disappointed' Obama Next Played Golf

Monday, 15 Sep 2014 20:57 PM

James Foley's parents say they were "disappointed" when President Barack Obama hit the golf course just minutes after ma . . .

Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved