Monday, November 2, 2015

Social Security and Medicare Effected by Two Year Budget Deal Passed

In record time the Senate passed the 144-page, two-year budget deal that suspends the debt limit until March 2017 and raises spending caps.
Image result for 2015 budget
The Senate passed the budget deal, 64-35, just after 3 a.m. on Friday. Thirty-five Republican senators opposed the deal, though it was not enough to stop the bill from heading to President Obama’s desk. See how your Senators voted

House Republicans posted the text of the 144-page bill, which was labeled a ... The agreement would raise spending by $80 billion over two years, not including a $32 billion increase included in an emergency war fund, than 1 percent per year of the nearly $4 trillion annual federal budget, And for the debt ceiling, the deal raises it through March 2017 with no strings attached.

Those increases would be offset by cuts in spending on Medicare and Social Security disability benefits, as well as savings or revenue from an array of other programs, including selling oil from the nation’s strategic petroleum reserves. The Medicare savings would come from cuts in payments to doctors and other health care providers. Lawmakers and budget experts say new federal budget deal will stop steep increase in Medicare premiums for older Americans and large cut in Social Security benefits for disabled workers, but will not change long-term prospects for either program. MORE
The measure calls for corresponding budget cuts to avoid increasing the deficit, including reductions in Medicare payments to doctors and other health care providers. It also envisions savings from tighter eligibility requirements and other changes to a Social Security disability program. Lawmakers and budget experts say new federal budget deal will stop steep increase in Medicare premiums for older Americans and large cut in Social Security benefits for disabled workers, but will not change long-term prospects for either program. MORE
Said to be modest in scope, especially in the context of the nearly $4 trillion annual budget, the accord represents a significant breakthrough.
While Congress must still adopt spending bills for the next two years, the bill will substantially reduce the risk of a government shutdown by setting spending targets for two years and allowing Congress to return to its regular appropriations process.
The measure calls for corresponding budget cuts to avoid increasing the deficit, including reductions in Medicare payments to doctors and other health care providers. It also envisions savings from tighter eligibility requirements and other changes to a Social Security disability program.

No comments:

Post a Comment

Comments are moderated, and will appear after approval..Anonymous comments will not be approved.