Medicare's go-broke date for its hospital insurance trust fund was pushed back five years to 2036, thanks to higher payroll tax income and lower expenses.
Social Security's trust funds will be unable to pay full benefits beginning in 2035, with a forecasted 17% cut in the absence of Congressional action.
President Biden committed to strengthening Social Security and Medicare, emphasizing fair share contributions from high-income taxpayers to bolster funding for the programs.
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