Insider’s Report: Congress Must Act to Avert a Government Default

While Speaker of the House Kevin McCarthy and his allies in the House of Representatives have passed a draconian debt ceiling bill that would slash federal funding on programs and services that seniors rely on in exchange for raising the debt ceiling, this bill is a nonstarter for Democrats in Congress and President Biden.

What’s worse, it brings us one step closer to the brink of default because of the GOP’s refusal to pass a clean debt ceiling bill, as Congress did three times during the Trump Administration (and nearly 80 times in all).

A default would not only cause severe economic hardships for all Americans; it could disrupt payments of Social Security and Medicare benefits which over 65 million people rely on every day for baseline financial and health security.

That’s why Congress must act immediately to prevent a global financial crisis that stems from their refusal to lift the debt ceiling. Senior Americans are counting on our elected officials to protect them from Speaker McCarthy’s irresponsible debt ceiling bill that would result in a 23% reduction in spending for the day-to-day operation of the federal government, except programs that affect the military and veterans.

The National Committee is putting massive constituent pressure on Congress to pass a clean debt ceiling bill and ensure the timely payments of Social Security and Medicare benefits. Sign onto our urgent Petition to Congress campaign now.

GOP Debt Ceiling Plan Would Cut Billions in Federal Spending

NCPSSM President & CEO Max Richtman explains that House Republicans are proposing to drastically cut the Social Security Administration's budget and other services seniors rely on. (April 25, 2023, KALW, Radio interview with NCPSSM President & CEO Max Richtman)

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Medicare Advantage Under Scrutiny

NCPSSM's senior health policy expert, Anne Montgomery, says, "While you're healthy, Medicare Advantage may be a good deal. But if you're sicker and need high-cost services, it may not be as good a deal." (April 19, 2023, WXVU, Radio interview with NCPSSM’s Senior Health Policy Expert Anne Montgomery)

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5 ways a debt default could affect you

Almost two-thirds of beneficiaries rely on Social Security for half of their income, and for 40% of recipients, the payments constitute at least 90% of their income, according to the National Committee to Preserve Social Security and Medicare. (May 2, 2023, CNN, Tami Luhby)

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Nearly half of baby boomers have no retirement savings

"Nearly half of baby boomers have no retirement savings. That fact may surprise you, if you are a typical white-collar worker, dwelling in a corporate culture of near-universal retirement coverage, encouraged to save a half-million dollars or more before taking the gold watch.  (May 8, 2023, The Hill, Daniel De Visé)

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Social Security spousal benefits

Marriage is often referred to as a union of two souls, but it is much more than that. It is a bond that connects two individuals, their families and their finances. When it comes to retirement planning, marriage can have a significant impact on Social Security benefits. (May 1, 2023, USA Today, Ashlyn Brooks and Hannah Alberstadt)

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