BY:
Members of the House Budget Committee heard revealing testimony Tuesday from senior administrators of Medicare, Medicaid, and Social Security—federal entitlements that face certain bankruptcy unless Congress acts soon to restructure the programs.
The remarks from Richard Foster, chief actuary for Medicare and Medicaid, and Stephen C. Goss, chief actuary for the Social Security Administration, came just weeks after President Obama unveiled his budget proposal for fiscal year 2013, which left spending on federal entitlements essentially unchanged.
Treasury Sec. Timothy Geithner has repeatedly warned of the consequences of failing to reform the country’s large entitlement programs.
“Even if Congress were to enact [the president’s] budget,” Geithner told members of the Senate budget committee earlier this month, “we would still be left with—in the outer decades as millions of Americans retire—what are still unsustainable commitments in Medicare and Medicaid.”
Members of the House Budget Committee heard revealing testimony Tuesday from senior administrators of Medicare, Medicaid, and Social Security—federal entitlements that face certain bankruptcy unless Congress acts soon to restructure the programs.
The remarks from Richard Foster, chief actuary for Medicare and Medicaid, and Stephen C. Goss, chief actuary for the Social Security Administration, came just weeks after President Obama unveiled his budget proposal for fiscal year 2013, which left spending on federal entitlements essentially unchanged.
Treasury Sec. Timothy Geithner has repeatedly warned of the consequences of failing to reform the country’s large entitlement programs.
“Even if Congress were to enact [the president’s] budget,” Geithner told members of the Senate budget committee earlier this month, “we would still be left with—in the outer decades as millions of Americans retire—what are still unsustainable commitments in Medicare and Medicaid.”
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