Biden’s Budget Refuses to Cut Social Security and Medicare

President Biden’s Budget Priorities

President Biden’s Focus on Medicare and Social Security

President Joe Biden’s 2025 fiscal year budget emphasizes strengthening and protecting Medicare and Social Security, aligning with his recent State of the Union address and setting the tone for his re-election campaign.

The Comprehensive Budget Proposal

The $7.3 trillion budget proposal, released on March 11, covers critical areas such as healthcare, child care, and education. It includes plans to expand benefits under Biden’s Inflation Reduction Act of 2022.

Efforts to Protect Benefits

The budget dismisses any proposals to reduce Medicare and Social Security benefits or privatize Social Security. The White House emphasizes the importance of ensuring these programs are reliable for those who have contributed throughout their working lives.

Strengthening Social Security

The budget aims to work with Congress to enhance Social Security without benefit cuts, increase solvency by taxing high-income individuals fairly, and enhance financial security for seniors and individuals with disabilities. It proposes a $1.3 billion increase in the SSA to improve services and accessibility.

Securing Medicare’s Future

President Biden’s proposal seeks to extend the Medicare Hospital Insurance Trust Fund’s life by raising the Medicare tax rate on income above $400,000 and closing existing tax loopholes. The goal is to ensure the fund’s sustainability in the long term.

Inflation Reduction Act Expansions

Additional reforms include expanding drug provisions under the Inflation Reduction Act. This entails enlarging the Medicare drug pricing negotiation program and extending the $2,000 out-of-pocket prescription drug cost cap to the commercial market beyond Medicare.

The budget also plans to cap Medicare Part D cost-sharing on certain generic drugs for chronic conditions at $2 per month.

To access the full 188-page budget proposal, visit the site.

Read More of this Story at – 2024-03-11 21:49:26

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