WASHINGTON — A group of House Republicans has proposed a new budget that includes controversial measures aimed at restructuring Social Security and Medicare. While these proposals are unlikely to become law this year, they offer insight into the direction many Republicans may take if they win the 2024 elections. The budget reflects the ongoing political battle between President Joe Biden and the Republican Party, particularly as Biden prepares for re-election.
Released by the Republican Study Committee, a prominent group of over 170 House GOP lawmakers, the budget includes not only fiscal policy changes but also endorses bills focused on restricting abortion rights. One of the bills, the Life at Conception Act, has stirred controversy within the GOP due to its potential impact on in vitro fertilization (IVF).
Led by Rep. Kevin Hern of Oklahoma, the RSC budget proposes raising the Social Security retirement age for future retirees and lowering benefits for high-earning beneficiaries. It emphasizes that these adjustments would not affect current retirees or those nearing retirement. Additionally, the budget calls for converting Medicare to a “premium support model,” allowing beneficiaries to choose from private plans with subsidies based on market prices.
The issue of Social Security and Medicare solvency is crucial, with projections indicating insolvency by 2033. President Biden has been vocal in opposing benefit cuts, instead suggesting raising taxes on higher-income individuals to address the shortfall in his White House budget.
The RSC budget poses a challenge for former President Donald Trump, who has shifted his stance on Social Security and Medicare without offering a clear plan for the future of these programs. The budget outlines three options to address projected insolvency: raising taxes, transferring funds from the general fund, or reducing spending. It rejects the first two options, advocating for spending cuts instead.
In addition to addressing retirement programs, the RSC budget criticizes the Affordable Care Act, commonly known as Obamacare, and calls for rolling back its subsidies and regulations aimed at expanding health insurance coverage.
Overall, the proposed budget by House Republicans underscores the ongoing debate over the future of social welfare programs in the United States, setting the stage for potential policy battles in the years to come.