During a recent Senate Finance Committee hearing in Washington, D.C., Treasury Secretary Janet Yellen acknowledged that while President Joe Biden has outlined principles, there isn’t a concrete plan in place to prevent Social Security from facing insolvency in approximately a decade.

Yellen’s remarks came amid discussions about Biden’s fiscal year 2025 budget, with previous government estimates suggesting that the Social Security retirement fund could run dry by 2033.

One proposed solution by Biden involves raising taxes on high-income earners to address the looming shortfall.

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Sen. Bill Cassidy pointed out during the hearing that despite proposals for significant tax increases targeting individuals making over $400,000 annually, none of these funds have been allocated specifically to address Social Security’s financial challenges.

The Louisiana Republican queried Yellen about the potential tax rate needed to address Social Security’s unfunded accrued liability, highlighting the expectation that the president would have a plan to address such critical issues.

Yellen responded by indicating that she did not have the specific calculation Cassidy requested and emphasized that Biden operates on principles rather than a detailed plan.

She noted Biden’s intention to collaborate with Congress to safeguard Social Security and extend its solvency beyond the projected timeline.

When pressed by Cassidy on why Biden hasn’t presented a comprehensive plan despite being in office for three years, Yellen reiterated the president’s stance on working alongside Congress. However, Cassidy expressed frustration, stating that there hasn’t been significant dialogue from the president’s side on the matter.

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In response to Yellen’s testimony, Mike Gwin, deputy assistant secretary for public affairs for the Treasury, asserted that Biden’s approach aims to strengthen Social Security by shielding seniors from benefit reductions and extending solvency by levying higher taxes on the wealthiest Americans.

Gwin criticized congressional Republicans for their lack of cooperation, highlighting their recent proposal to raise the retirement age, which could adversely affect seniors who have spent years preparing for retirement.