WASHINGTON (AP) — House Republicans recently unveiled a new budget plan that includes proposals to raise the retirement age for future Social Security beneficiaries and restructure Medicare. While unlikely to be implemented this year, the budget provides insight into the GOP’s governing priorities should they win the 2024 elections. These proposals set the stage for a potentially contentious battle between President Joe Biden and his opponents as he gears up for re-election.
The budget, released by the Republican Study Committee, a group of over 170 House GOP lawmakers, outlines various policy measures beyond fiscal matters. These include endorsing bills that aim to restrict abortion rights and protect embryos from the moment of fertilization, causing controversy within the party.
Among the proposed changes, the budget calls for “modest adjustments” to the Social Security retirement age for future retirees and reductions in benefits for higher-income beneficiaries. Additionally, it suggests transitioning Medicare to a premium support model which would allow beneficiaries to choose between traditional Medicare and private plans while receiving a subsidy to help cover costs.
President Biden has criticized Republican proposals for the retirement programs, pledging not to cut benefits and instead proposing tax increases on wealthier individuals to address funding shortfalls. The RSC budget also presents three potential solutions for addressing the programs’ projected insolvency: raising taxes, transferring funds from the general budget, or reducing spending.
Citing concerns about the negative impact of tax increases on the economy, the budget dismisses raising taxes and general fund transfers as viable options, instead favoring spending cuts. The document also takes aim at Obamacare, calling for the rollback of subsidies and regulations aimed at expanding healthcare coverage.
Under the new budget plan, the GOP sets the stage for potential policy battles in the years ahead, laying out its vision for addressing key retirement programs and healthcare reform. As the political landscape continues to evolve, the proposed changes could have far-reaching implications for millions of Americans relying on Social Security and Medicare in the future.