Among the narratives that have taken hold during the current debt-ceiling negotiations<\/a> is that the Republican-led House wants to cut Social Security funding<\/a> in exchange for an increase in the debt limit. U.S. House Speaker Kevin McCarthy (R-Calif.) aimed to quell those fears last week.<\/p>\n Social Security: Women Get $354 Per Month Less Than Men \u2013 Here\u2019s Why<\/a> In a Jan. 26 podcast interview with Donald Trump, Jr., McCarthy said the GOP \u201cwon\u2019t touch Medicare or Social Security\u201d in negotiations over the debt ceiling, The Hill reported.<\/p>\n McCarthy\u2019s comments come amid chatter that Republicans want to curb federal spending on Social Security and other entitlements \u2014 and see the debt ceiling talks as the perfect opportunity to force the Democrats\u2019 hands.<\/p>\n The U.S. hit its debt ceiling of $31.4 trillion on Jan. 19<\/a>, prompting Treasury Secretary Janet Yellen to tell Congress that \u201cextraordinary measures\u201d are needed to prevent a fiscal emergency.<\/p>\n So far, neither President Joe Biden nor congressional Democrats have offered to negotiate on the debt ceiling. Instead, they\u2019ve called for an increase to the debt limit with no strings attached, setting up a potential showdown with fiscal hawks.<\/p>\n Republicans themselves are divided on which steps to take. In addition to McCarthy, former President Donald Trump has said that the GOP should not cut either Social Security or Medicare.<\/p>\n That doesn\u2019t mean certain lawmakers will suddenly stop targeting Social Security, however. Some congressional Republicans want to create special panels that could recommend changes to Social Security and Medicare, the Washington Post reported.<\/p>\n Meanwhile, a plan released last summer by the Republican Study Committee would realign the Social Security full retirement age to account for increases in life expectancy<\/a>. Under this plan, the FRA would increase to 70 from the current 66 or 67 years old, depending on your birth year. Doing so would theoretically bolster Social Security funds.<\/p>\n There\u2019s no question that Social Security faces pressing problems. A recent analysis from the Congressional Budget Office projects that the Old-Age and Survivors Insurance Trust Fund will be depleted by 2033. The OASI is used to partly fund retirement benefits, with the rest coming from payroll taxes.<\/p>\n Take Our Poll: What Are Your Financial Priorities in 2023?<\/a><\/em><\/strong><\/p>\n GOP lawmakers who are targeting Social Security cuts won\u2019t have an easy time of it, however. They not only face pushback from some of their fellow Republicans but will run into a united front of opposition from Democrats.<\/p>\n As the WaPo reported, Biden has maintained that he won\u2019t negotiate a deal to cut spending with Republicans. He believes the debt ceiling should be addressed \u201cwithout conditions,\u201d White House press secretary Karine Jean-Pierre said.<\/p>\n More From GOBankingRates<\/em><\/strong><\/p>\n This article originally appeared on GOBankingRates.com<\/a>: McCarthy Vows GOP \u2018Won\u2019t Touch\u2019 Social Security Amid Debt Ceiling Feud \u2014 Could Seniors Still Lose?<\/a><\/p>\n<\/div>\n\n Michael Brochstein\/SOPA Images\/Shutterstock Among the narratives that have taken hold during the current debt-ceiling negotiations is that the Republican-led House wants to cut Social Security funding in exchange for an increase in the debt limit. U.S. House Speaker Kevin McCarthy (R-Calif.) aimed to quell those fears last week. Social Security: Women Get $354 Per Month …<\/p>\n","protected":false},"author":1,"featured_media":48579,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[161],"tags":[],"_links":{"self":[{"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/posts\/48578"}],"collection":[{"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/comments?post=48578"}],"version-history":[{"count":0,"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/posts\/48578\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/media\/48579"}],"wp:attachment":[{"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/media?parent=48578"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/categories?post=48578"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/tags?post=48578"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
Learn: With a Recession Looming, Make These 3 Retirement Moves To Stay On Track<\/a>
Find Out: Here\u2019s Why 1 in 5 Americans Are Considering Switching Banks<\/a><\/em><\/strong><\/p>\n
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