Apr 15, 2021 - Committee for a Responsible Federal Budget
For Immediate Release
Today a bipartisan group of lawmakers - led by Sens. Mitt Romney (R-Utah), Joe Manchin (D-WV), and Angus King (I-ME) and Reps. Mike Gallagher (R-WI), Ed Case (D-HI), and Scott Peters (D-CA) - reintroduced the TRUST Act. The Time to Rescue United States Trusts Act would establish bipartisan, bicameral commissions to address the long-term solvency of major trust funds. Recommendations from the commissions would require support from at least two members of both parties to receive a fast-tracked vote in Congress. During passage of the budget resolution in February, the Senate voted 71-29 in favor of an amendment supporting the TRUST Act as a way to keep the trust funds solvent.
Below is a statement from Maya MacGuineas, president of the Committee for a Responsible Federal Budget:
Some of our most important federal programs are in danger. The Congressional Budget Office projects the Highway Trust Fund will be insolvent by 2022, the Medicare Hospital Insurance Trust Fund in 2026, the Social Security retirement fund in 2032, and Social Security Disability Insurance in 2035.
We’ve known these funds were in trouble for years, but too many politicians seem content to ignore them ・even if it means steep automatic benefit and service cuts on the horizon.
When today’s youngest retirees turn 73, their Social Security benefits would be cut by about 25 percent under the law. The status quo is unacceptable, and its time our leaders work to give taxpayers and beneficiaries the certainty they deserve.
The TRUST Act would bring lawmakers together for long-overdue discussions on identifying bipartisan solutions to secure them for tens of millions of seniors, disabled workers, and others who rely upon them. That’s why this common-sense proposal has the backing of members of both parties in the House and Senate.
Securing the financial stability of these programs should be one of Congress’ most important priorities. The TRUST Act is a key first step to start those discussions. The alternative is continued political gridlock that threatens benefit and service cuts to those who can least afford them.
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For more information, please contact John Buhl, director of media relations, at buhl@crfb.org.
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