Concept_DC_Capitol Building

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Statement on Bipartisan TRUST Act

Oct 29, 2019 | Budgets & Projections

Senators Mitt Romney (R-UT) and Joe Manchin (D-WV) and Representatives Mike Gallagher (R-WI) and Ed Case (D-HI) introduced the TRUST Act on Tuesday with Senators Todd Young (R-IN), Doug Jones (D-AL), and Kyrsten Sinema (D-AZ) and Representatives Ben McAdams (D-UT) and William Timmons (R-SC). The TRUST Act would create commissions aimed at rescuing our nation’s largest faltering trust funds. The bill would establish a bipartisan process to address the finances of Social Security, Medicare, and Highway Trust Fund. 

The following is a statement from Maya MacGuineas, president of the Committee for a Responsible Federal Budget:

Some of our most important programs are headed toward insolvency. The TRUST Act would establish a credible process to save them.

The Highway Trust Fund is only three years from insolvency, Medicare Part A is only 7 years, and Social Security is only 16 years. That means someone retiring today at age 62 will only be 78 years old when the Social Security trust fund runs out, and the law mandates a 20 percent across-the-board cut when that happens.

These programs were all created on a bipartisan basis, and our leaders must come together on a bipartisan basis to save them. The TRUST Act will give policymakers an opportunity to ensure adequate retirement security, infrastructure investment, and health care for seniors. Fixing these programs with thoughtful revenue and spending adjustments can also help grow the economy and prevent massive increases in the national debt.

By bringing Members together in a commission setting, the TRUST Act can help secure Social Security, Medicare, and highway spending for current and future generations.

 

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For more information, please contact Patrick Newton, press secretary, at newton@crfb.org.