A senior U.S. Treasury official warned Tuesday that cuts to Social Security and Medicare would “decimate” the standard of living for American retirees.
“These programs are the cornerstone of the American retirement system, and it is difficult to imagine either program sustaining substantial cuts in resources without dramatically impacting millions of beneficiaries,” Ben Harris, the Treasury’s assistant secretary for Economic Policy, said in remarks prepared for delivery Tuesday.
While Harris didn’t mention the looming political battle, his remarks came as GOP lawmakers and the Biden administration are headed for a showdown over the government’s legal borrowing limit. Republicans have said they might demand large spending cuts — including to Social Security and Medicare, the retirement and health programs for the elderly and disabled — in exchange for raising the debt ceiling.
