Debt Deal Protects Social Security for Now

The last-minute debt ceiling deal agreed upon by the House on Sunday, July 31, won’t affect Social Security. CNN reports that the deal won’t touch the program, despite spending cuts of more than $900 billion over the next decade.

“What happens after that would remain to be seen,” reports CNN. “A committee of Republicans and Democrats would be tasked with finding another $1.5 trillion in savings, and changes to Social Security could be part of the deal. If the committee fails to reach agreement, however, automatic cuts kick in and Social Security would be exempt.”

As it stands, the agreement calls for as much as $2.4 trillion in savings in the next 10 years and raises the debt ceiling until the end of 2010. It also calls for the establishment of a committee that will research the national debt and suggest long-term fiscal reforms.

Read more.

Do you think Social Security should have been included in this round of budget cuts? Do you think it would be better to deal with Social Security issues now rather than later?

If you need help with your Social Security Disability benefits, contact the Social Security Disability lawyers at Fleschner, Stark, Tanoos & Newlin.

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