WASHINGTON — The Senate Budget Committee started what could become a bipartisan effort to extend Medicare’s solvency for seniors and people with disabilities.
The fund for Medicare’s hospital benefit is scheduled to run dry by 2031, according to Medicare trustees. However, Budget Committee members in both parties said they expect that the government would borrow money to cover benefits once the fund runs out, adding to a deficit that is already well more than $1 trillion annually.
Democrats and Republicans stuck to their respective corners on Medicare benefits and taxes. Democrats insisted on preserving Medicare benefits and argued the government should tax at least wealthy Americans more. Republicans emphasized that additional tax revenue alone will not keep Medicare solvent, and they said the true problem is high health care costs.