Protecting Social Security and Medicare Act

Hozzl · 2024-12-21T09:05:42Z

Explore the details of House Bill 875 Protecting Social Security and Medicare Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Health. Stay informed on legislative developments.

12/21/2024, 9:05 AM

Summary of Bill HR 875

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.

Congressional Summary of HR 875

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.

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Current Status of Bill HR 875

Bill HR 875 is currently in the status of Bill Introduced since February 8, 2023. Bill HR 875 was introduced during Congress 118 and was introduced to the House on February 8, 2023. Bill HR 875's most recent activity was Referred to the Subcommittee on Social Security. as of December 17, 2024

Bipartisan Support of Bill HR 875

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Unaffiliated Sponsors

Total Number of Cosponsors

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Policy Area and Potential Impact of Bill HR 875

Primary Policy Focus

Health

Alternate Title(s) of Bill HR 875

Protecting Social Security and Medicare ActProtecting Social Security and Medicare ActTo authorize the Secretary of the Treasury to issue obligations to make Medicare and Social Security payments, despite the debt limit being reached.

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