The Social Security program has lived to see another day, thanks to the squabbling of the budget deficit supercommittee, which announced Monday it had failed to agree on a proposal.
The committee, which was made up of six Republicans and six Democrats, had until Wednesday, Nov. 23, to come up with a budget reform plan or cuts put into place through The Budget Control Act of 2011 would take effect in 2013. The Republicans on the committee wanted deep cuts to social programs like Social Security and Medicare, while the Democrats vowed to not let that happen.
The Budget Control Act will reduce the deficit by $2.3 trillion over 10 years, with the bulk of that, $840 billion, coming from discretionary spending cuts. The legislation leaves Social Security and Medicare mostly intact.
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