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Sen. Rand Paul, R-Ky. gestures during a news conference on Capitol Hill in Washington, Wednesday, April 13, 2011, to discuss Social Security reform. (AP Photo/Carolyn Kaster)

WASHINGTON (AP) — The bad economy is worsening the already-shaky finances of Medicare and Social Security, draining the trust funds supporting them faster than expected and intensifying the need for Congress to shore up the massive benefit programs, the government said Friday.

Both Medicare and Social Security are being hit by a double whammy: the long-anticipated wave of retiring baby boomers and weaker-than-expected tax receipts, according to the annual report by the trustees who oversee the programs.

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