House Republicans Release Budget Proposal Impacting Social Security and Medicare

House Republicans, represented by the Republican Study Committee, unveiled their Fiscal Year 2025 Budget proposal, impacting critical programs like Social Security and Medicare. The proposal aims to address federal spending challenges and reduce taxes for Americans.

President Biden recently criticized congressional Republicans for their stance on cutting Social Security, Medicare, and supporting the wealthy. The budget released by House Republicans includes measures that could affect the retirement age, Medicare costs, and the Affordable Care Act.

The Republican Study Committee’s budget plan involves significant cuts to Social Security and Medicare, amounting to over $1.5 trillion in savings over a decade. It also proposes changes such as increasing the retirement age and altering disability benefits.

Moreover, the budget suggests modifications to Medicare that could impact healthcare costs for seniors, including repealing $35 insulin and the $2,000 out-of-pocket cap. It also proposes shifting Medicare to a premium support system, potentially raising premiums for some seniors.

In addition to healthcare, the budget outlines cuts to Medicaid, the Affordable Care Act, and the Children’s Health Insurance Program, potentially affecting coverage for millions of individuals. It also includes tax cuts skewed towards the wealthy and large corporations.

President Biden, in response to the House Republicans’ budget proposal, emphasized his commitment to protecting Social Security and Medicare while ensuring the wealthy pay their fair share. The White House has been critical of the plan’s potential impacts on middle-class families and the overall economy.