NEWS

FROM THE COMMITTEE ON WAYS AND MEANS

FOR IMMEDIATE RELEASE Contact: Trent Duffy or Greg Crist

March 19, 2001 (202) 225-8933

SOCIAL SECURITY AND MEDICARE TRUSTEES' REPORT REACTIONS FROM HOUSE ENTITLEMENT LEADERS

Chairman Thomas (R-CA), Social Security Subcommittee Chairman Shaw (R-FL) and Health Subcommittee Chairwoman Johnson (R-CT) Respond to Social Security and Medicare Trustees' Report

Ways and Means and Finance Committees to Hold Historic

Joint Hearing on Trustees' Report

WASHINGTON - The Social Security and Medicare Trustees issued its annual report on the status of the nation's primary entitlement programs for older Americans today, saying that the projected insolvency date of the Medicare trust fund was delayed by four years to 2029, and insolvency of the Social Security fund was put off by one year to 2038. Tomorrow, the House Ways and Means Committee and the Senate Finance Committee will meet in historic joint session to review the Trustees Report. The hearing will take place on Tuesday, March 20, 2001, in 1100 Longworth House Office Building, beginning at 10:00 a.m.

Chairman Bill Thomas (R-CA) stated:

"It is refreshing that President Bush recognizes the challenges facing both programs and is willing to invest the resources and leadership necessary to get the job done. Our nation's chief retirement security programs are insecure, and now is the time to bridge partisan differences and work together to save and strengthen them."

Health Subcommittee Chairwoman Nancy Johnson (R-CT) stated:

"Since 1995, the Republican-led Congress successfully strengthened Medicare and extended its life by more than 27 years. Despite this short term good news, Medicare's long term financial health is in critical condition. During the next 10 years, Medicare spending will more than double as the baby boomers begin to retire and Congress offers seniors additional benefits such as prescription drugs."

Social Security Subcommittee Chairman Clay Shaw (R-FL) stated:

"We have a little more time, but the clock is still ticking on Social Security. That is why I feel strongly that we must act now. Even the best economic growth of the U.S. won't be able to save Social Security by itself. We must not lose focus or become complacent. We've protected 100% of the Social Security surpluses from being spent on other government programs, and now it's time to take the next step and save Social Security once and for all. Our children and grandchildren deserve nothing less."

BACK to Committee on Ways and Means