Protecting Social Security and Medicare Act

Protecting Social Security and Medicare Act

This bill authorizes Medicare and Social Security payments to be made in full even if the federal debt limit is reached. Such payments do not count against the debt limit until after the debt limit has been raised by authorizing legislation.

Bill 118 HR 875, also known as the Protecting Social Security and Medicare Act, was introduced in the US Congress with the aim of safeguarding two of the most important social welfare programs in the country. The bill seeks to ensure the long-term sustainability of Social Security and Medicare by making necessary adjustments to their funding and administration.

One key provision of the bill is the establishment of a Social Security and Medicare Trust Fund, which would be dedicated solely to funding these programs. This fund would be separate from the general federal budget, ensuring that the money collected for Social Security and Medicare is used exclusively for their intended purposes.

Additionally, the bill includes measures to increase revenue for Social Security and Medicare, such as raising the payroll tax cap to ensure that higher-income individuals contribute their fair share. The bill also aims to reduce waste and fraud in the programs, improving their efficiency and effectiveness. Overall, the Protecting Social Security and Medicare Act is a comprehensive piece of legislation that seeks to strengthen and protect these vital social welfare programs for current and future generations. It addresses key issues related to funding, administration, and sustainability, with the goal of ensuring that Social Security and Medicare remain viable and accessible to all Americans.