Newsbreak: Republicans Slam Democrats Over Social Security Funding, Demand President Biden Address Solvency Urgently

Republicans are pushing for President Biden to address the solvency of Social Security, accusing Democrats of not having a plan and criticizing the lack of funding towards it in Biden’s proposed budget. Some GOP members deny wanting to cut the entitlement program and are shifting the conversation on the issue. Senator Bill Cassidy (R-La.) questioned why none of Biden’s proposed taxes are going towards Social Security.

The Congressional Budget Office estimated that the program’s fund Is at risk of running a shortfall in 2032. Yellen responded that Biden “stands ready” to work with Congress on the matter, but Cassidy called her statement a lie. Cassidy has been leading bipartisan talks with Senator Angus King (I-Maine) to explore potential fixes to shore up funding for the program.

During a Senate Budget Committee hearing, Senator Mitt Romney (R-Utah) also questioned the lack of plans for Social Security in Vice President Biden’s budget proposal and accused the president of being dishonest. Democrats have pushed back, arguing that the president’s budget request included investments aimed at improving services for recipients, and while he did not propose a plan for Social Security’s solvency, his budget offered a path to shore up Medicare.

Republicans are sick of hearing that they want to cut Social Security. Senator Marco Rubio wants to reform and save the program, but Democrats think President Biden has a history of strengthening it. Biden’s budget proposal has divided opinions, with Democrats supporting a tax hike on higher earners and Republicans opposing it. Both sides are pushing their arguments about Social Security.

A news article by Aris Folley of The Hill on March 17, 2023, contributed to this report.