11/4/2023 0 Comments Food stamp sign inLearn: Don’t Claim Social Security Benefits Until You Reach This Milestone According to the Center on Budget and Policy Priorities (CBPP), the new requirements would “put almost 750,000 older adults aged 50-54 at risk of losing food assistance.”Īs for the GOP’s insistence that Social Security and Medicare benefits will not be affected by the new budget: Others say the devil is in the details.Īs previously reported by GOBankingRates, the details in the Republican budget plan include establishing a bipartisan debt commission that could end up recommending cuts to Social Security and Medicare, according to some observers. The plan also places limits on discretionary spending and aims to roll back parts of the Inflation Reduction Act signed by President Joe Biden last year.Īnti-hunger advocates have sharply criticized attempts to put stricter requirements on SNAP benefits - including raising the proof-of-work age range to between 18 and 54 years old from 18 to 49 previously. However, it does include changes to work requirements for “able-bodied recipients” of Medicaid and food stamps, formally known as Supplemental Nutrition Assistance Program (SNAP) benefits. Similarly, the Medicare Trust Fund faces depletion within the next decade.Īccording to The Hill, the GOP plan does not include changes to Social Security. When it does, the program will rely solely on payroll taxes for funding, which currently covers about 77% of benefits. The “10-year window” refers to the coming depletion of Social Security’s Old Age and Survivors Insurance (OASI) Trust Fund, which is expected to run out of money in about a decade. “But let me be clear: In this 10-year window, both the Social Security and the Medicare trust funds will become insolvent.” “We don’t cut Medicare benefits, and we don’t cut Social Security or veterans benefits,” Arrington told reporters this week. House Budget Committee Chair Jodey Arrington (R-Texas) said the budget doesn’t touch Social Security or Medicare. If no deal is struck by then, the federal government will shut down. House Budget Committee unveiled the GOP’s 10-year budget plan in an effort to get a spending deal approved before the Sept. What’s known for certain is that on Tuesday, Sept.
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