House Speaker Mike Johnson denies backing cuts to benefits amid Social Security shortfall warning
House Speaker Mike Johnson has denied reports that he is advocating for cuts to Social Security amid concerns that the Social Security retirement trust fund will run out of reserves by late 2032.
Earlier this month, Social Security trustees estimated that the Old-Age and Survivors Insurance fund will exhaust its reserves in late 2032, about three months earlier than forecast last year.
If Congress does not act, this could trigger a reduction in monthly Social Security retirement income payments by 22%, the report warned.
The trustees said: "Taking action sooner rather than later will allow consideration of a broader range of solutions and provide more time to phase in changes so that the public has adequate time to prepare."
https://www.yahoo.com/news/article/house-speaker-mike-johnson-denies-backing-cuts-to-benefits-amid-social-security-shortfall-warning-141559655.html