What Are These People Talking About?
Social Security will face a cash shortfall for the first time in decades next year, according to a little noticed report released late last month by the Congressional Budget Office (CBO).
As a result, seniors could face benefit cuts in as little as three years. Congress could instead raise taxes or authorize new borrowing to close the shortfall, but has never before addressed a Social Security deficit through long-term borrowing.
Labels: Trust Funds