CBO warns Social Security, Medicare and Highway Trust Funds will be ‘exhausted’ within 10 years
(Worthy News) – The balances in three federal trust funds – Social Security, Medicare and the Highway Trust Fund – will be “exhausted within the next 10 years” without congressional action, the Congressional Budget Office warned Wednesday.
“If the Congress did not take action to address the shortfalls, CBO projects, the balances in three trust funds would be exhausted within the next 10 years: the Highway Trust Fund (in fiscal year 2021), Medicare’s Hospital Insurance (HI) Trust Fund (in fiscal year 2024), and Social Security’s Disability Insurance (DI) Trust Fund (in fiscal year 2026),” according to the CBO’s report, titled, “The Outlook for Major Federal Trust Funds: 2020 to 2030.”
The nonpartisan CBO stated that the projections for deficits were “revised upward in part because of the economic disruption stemming from the 2020 coronavirus pandemic, which reduced CBO’s estimates of payroll tax revenues.” [ Source: Just the News (Read More…) ]