Israel-Hezbollah ceasefire comes into effect    Five survivors found day after Red Sea tourist boat sinking    Imran Khan supporters pushed back by security forces    Russia launched a record number of almost 200 drones toward Ukraine    King Salman calls for rain-seeking prayer on Thursday    Al Hilal advances to AFC Champions League knockout stage despite 1-1 draw with Al Sadd    Finance minister: All Vision 2030 projects have sustainable funding that won't affect public finances    Crown Prince announces medium-term debt strategy to diversify funding sources "A resilient economy capable of overcoming challenges reflects progress towards achieving Vision 2030 goals"    Riyadh Season draws 8 million visitors in 6 weeks    Alkhorayef highlights role of National Initiative for Global Supply Chains in boosting Saudi economy    Saudi Arabia signs investment deals worth SR35bn with foreign firms to strengthen global supply chains    Saudi Arabia unveils updates on Expo 2030 Riyadh master plan at 175th BIE General Assembly Riyadh Expo Development Company established to oversee strategic planning, operations, and legacy development    Saudi FM attends Quadripartite meeting on Sudan in Italy    Best-selling novelist Barbara Taylor Bradford dies    Cristiano Ronaldo's double powers Al Nassr to 3-1 win over Al Gharafa in AFC Champions League    Al Ahli edges Al Ain 2-1, bolsters perfect start in AFC Champions League Elite    Most decorated Australian Olympian McKeon retires    Adele doesn't know when she'll perform again after tearful Vegas goodbye    'Pregnant' for 15 months: Inside the 'miracle' pregnancy scam    Do cigarettes belong in a museum?    Order vs. Morality: Lessons from New York's 1977 Blackout    India puts blockbuster Pakistani film on hold    The Vikings and the Islamic world    Filipino pilgrim's incredible evolution from an enemy of Islam to its staunch advocate    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Medicare funds issue fuels US budget fight
Published in The Saudi Gazette on 15 - 05 - 2011

WASHINGTON: Two of the government's most popular programs for the elderly will run out of money sooner than previously thought, according to a report on Friday that heightens pressure for a long-term USbudget fix.
Trustees for the programs estimated the Medicare trust fund would be exhausted in 2024, not 2029 as estimated last year. The Social Security retirement program will run out of money a year earlier in 2036 and after that would have to reduce benefits.
The latest projections struck in the middle of an intense debate between the Obama administration and opposition Republicans about how to rein in the nation's runaway debt, set to hit the legal limit of $14.3 trillion on Monday.
Republicans have been pushing for much deeper spending cuts than the administration prefers as a price for agreeing to raise the debt limit.
The administration has warned of financial catastrophe if the ceiling on the debt is not raised. It has said the nation would begin defaulting on obligations on Aug. 2 absent action.
Republicans said the worsening finances of the two popular programs underscored the need for bold action on the budget. “Today's report yet again highlights the urgent need to save and strengthen our critical health and retirement security programs,” said House of Representatives Budget Committee Chairman Paul Ryan.
House of Representatives Speaker John Boehner, the top Republican in Congress, vowed retirees would be taken care of. “But we all know that if nothing is changed, senior benefits are gonna get cut. Why? Because they're unaffordable,” Boehner said in an excerpt of an interview to air on CBS' “Face the Nation” on Sunday. “That's why we have to deal with it. And we need to deal with it now.”
So far, Social Security appears to be off the table in the budget talks. But Republicans in the House of Representatives want to overhaul the Medicare healthcare program for future retirees. Their proposal would give the elderly a federal subsidy to purchase medical coverage from private insurers.
The budget debate is deeply entwined with the struggle by the Obama administration to persuade lawmakers to hike the legal limit on the nation's debt. The current limit is expected to be hit on Monday but the Treasury Department is taking extraordinary actions to ensure it can keep meeting the nation's obligations, such as interest on the debt and other bill payments. But it has warned it will run out of maneuvering room by Aug. 2.
Treasury Secretary Timothy Geithner urged Congress again Friday to lift the limit, suggesting that a failure to do so could put Social Security and Medicare payments at risk.


Clic here to read the story from its source.