Three of the government’s most major trust funds — Social Security, Medicare, and the Highway Trust Fund are expected to run out of money in the next 11 years, making it impossible to deliver full benefits. The first is Medicare, which may run out of funds by 2026. Senators Mitt Romney (R-UT) and Angus King (I-ME) both believe the problem must be addressed immediately.
Senators Romney, King’s opinion
The two senators argue that waiting until the money runs out is too late, and they are proposing the creation of rescue commissions to investigate the programs. According to Yahoo, when the COVID-19 pandemic started, everything came to a halt because everyone was focused on it, and the TRUST Act (Time to Rescue United States Trusts)was pushed to the back burner.
But it’s back on the table again, according to Romney, who added that the concept now has a bipartisan group of at least 12 senators behind it. Even if it isn’t a top political topic, people are working on it, he continued.
King, an independent who joins the Democratic caucus, expressed cautious optimism about the situation but swiftly added that he was never betting on a prompt legislative conclusion. Still, he believes they are in excellent shape on this.
About ‘Rescue Commissions’
In recent years, Romney has led the charge on the TRUST Act, which was initially introduced in 2019. The measure would create commissions that would investigate each of the significant funds. Sens. Joe Manchin (D-WV), Todd Young (R-IN), and Kyrsten Sinema (D-AZ) are among the moderate senators who favor the proposal (D-AZ).
If the panel is constituted, it would face a contentious internal discussion about raising additional revenue, presumably through payroll taxes that finance Social Security and Medicare, or slashing benefits for future beneficiaries, MSN wrote.