WASHINGTON, D.C. –Today, during a hearing in the U.S. Senate Special Committee on Aging, Senator Rick Scott pushed Social Security Administrator Martin O’Malley on the Biden administration’s failure to address looming insolvency issues within the Social Security Trust Fund that threaten future benefits. In his recently proposed Fiscal Year 2025 Budget, President Biden failed to address these issues while pushing more massive spending that would increase the national debt by $6.4 trillion over the next four years, putting further stress on the federal government’s ability to keep its promises to the American people and protect the benefits of Social Security for future generations. Last year, Senator Scott introduced the Protect Our Seniors Act to preserve and protect Social Security and Medicare benefits.

Senator Scott’s Protect Our Seniors Act includes three key provisions to protect the benefits of Social Security and Medicare and promote the long-term solvency of these critical programs:

1. Rescinds funding from the Inflation Reduction Act for 87,000 new IRS agents and redirects those funds to the Medicare and Social Security Administration Trust Funds to help shore up the solvency of each program.
2. Creates a Budget Point of Order, and requires a two-thirds vote, against any legislation that the Congressional Budget Office (CBO) determines would reduce or cut existing Medicare and Social Security benefits.
3. Amends CBO scoring laws such that savings to Medicare cannot be used to offset or pay-for spending outside of Medicare.

• NOTE: This tactic was used by Democrats for the “infrastructure bill” as well as the Inflation Reduction Act where Medicare savings were used as ‘pay-fors’ for green new deal projects and other wasteful spending.

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