WASHINGTON – Senate Finance Committee Chairman Max Baucus says he doesn’t think Congress will address Social Security as part of an effort to reduce government borrowing.
The Montana Democrat said Tuesday that Social Security has not added to the budget deficit, so it should not be included in a deficit reduction package. Baucus is part of a bipartisan group of lawmakers, led by Vice President Joe Biden, who are trying to negotiate such a package.
Baucus said Social Security’s finances should be addressed in the next couple of years. But he also said the program is not in a crisis.
The massive retirement and disability program is projected to run out of money by 2037. At that point, payroll taxes would cover about 78 percent of benefits.
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