U.S. reaches debt ceiling, Sen. Cassidy blames Social Security and Medicare
MONROE, La. (KNOE) - The U.S. has reached its debt ceiling.
Social Security and Medicare are making the nation’s debt grow, Senator Bill Cassidy said Tuesday morning on a conference call.
According to Cassidy, in 11 years there won’t be enough money in the Social Security trust fund to pay out the scheduled benefits. Cassidy says long-term debt isn’t the only problem.
“There’s also wasteful spending,” Cassidy explained. “Two weeks ago, the Biden administration proposed a rule allowing Americans to take out more in student loans than they would be obliged to pay back. Think about that. You can make it a business model to borrow a lot more money than you knew you would ever have to pay back.”
Cassidy says the administration estimates student loan forgiveness will cost taxpayers over $130 billion.
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