Lubbock Times

House Budget Committee Chairman Jodey Arrington (R-TX) delivered opening remarks at a hearing titled “Medicare and Social Security: Examining Solvency and Impacts on the Federal Budget” in Washington, D.C. on June 13, 2024. The hearing focused on the impending insolvency of Medicare and Social Security.

Arrington emphasized the need for bipartisan cooperation to address the nation's fiscal challenges. "Democrats may have some of their own ideas on how to address our rapidly deteriorating fiscal health, and Republicans may have their ideas, but we should all acknowledge that the situation that we face is unsustainable and something must happen," he stated.

He acknowledged past failures in budget oversight, noting that it had been over six years since the last oversight hearing. "We got a budget out of this committee, albeit a Republican budget, passed on a partisan basis, I acknowledge that," Arrington said. He highlighted the importance of developing and enforcing a budget similar to what American families and businesses do.

Arrington also pointed out that critical financial data had not been presented to the Budget Committee for 12 years. "Of the 30-year unfunded liability that our nation has on its books...98% to 99% of it are the two programs that are represented by these gentlemen," he said.

The chairman stressed the urgency of taking action beyond mere discussions. "Republicans claim we have plans to address it, but words are cheap, and we haven't enacted any of those plans," he remarked. He called for bipartisan efforts through an unprecedented commission aimed at evaluating retirement security and healthcare security programs.

"My prayer is we unite, not as Republicans not as Democrats, but as Americans," Arrington concluded. He warned of automatic cuts to beneficiaries if no action is taken within ten years for Social Security and sooner for Medicare.

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