A Republican Congressman's Take On Social Security And Health Care

From the Tuscaloosa News:

Social Security could face a deficit within two years, according to U.S. Rep. Spencer Bachus [Republican] who met with The Tuscaloosa News editorial board Tuesday.

“The situation is much worse than people realize, especially because of the problems brought on by the recession, near depression,” said Bachus, R-Vestavia Hills, in an interview with the Tuscaloosa News editorial board.

Bachus, the ranking member of the House Committee on Financial Services, said most people seem unaware of the impending crisis. He initially said Social Security could face "default" within two years, but his staff responded later saying the Congresssman intended to say "deficit." ...

The solvency of Social Security, which provides pensions for people older than 65, has not played a major role in the current debate about health care in Congress. Bachus said it will not likely be addressed in any health-care bill the House eventually passes, although if a Social Security bailout is needed, it will invariably have an impact on government health-care programs. ...

“We could raise the retirement age, or in the worst case, cut back on some benefits,” he said. “But that is something we are just now beginning to get a handle on.”