The federal budget deficit will hit $1.28 trillion this year, down slightly from the previous two years, with even bigger savings to come over the next decade, according to congressional projections released Wednesday.
Laid-off workers and aging baby boomers are flooding Social Security's disability program with benefit claims, pushing the financially strapped system toward the brink of insolvency.
AARP, the powerful lobby for older Americans, was hammered Friday by fellow activists for refusing to oppose any and all cuts to Social Security benefits, a position the group says it has long held as a way to extend the life of the massive retirement and disability program.
The Social Security Administration made $6.5 billion in overpayments to people not entitled to receive them in 2009, including $4 billion under a supplemental income program for the very poor, a government investigator said Tuesday.
An Associated Press poll shows that most Americans don't believe that Social Security and Medicare have to be cut in order to balance the federal budget.
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.
Congress is poised to send the White House its first rollback of last year's health care law, a bipartisan repeal of a burdensome tax reporting requirement that's widely unpopular with businesses. Even President Barack Obama is eager to see it gone.
Republican lawmakers charge that the AARP, which supported the Affordable Care Act of 2010, will profit from its passage, and that the organization should be stripped of its federal tax exemption.