'It’s totally unrealistic to assume that you can balance the budget and not touch Social Security, Medicare,' a fiscal watchdog tells Fox as Congress debates the debt ceiling
"I think that we’ve finally, maybe, reached that point in time where enough is enough. Eighteen trillion when I got here four years ago. Now $31 trillion," said Sen. Mike Braun, R-Ind. . Republicans are converting the upcoming joust over the debt ceiling into an opportunity to discuss ways to slash federal spending. How about trimming Medicare and Social Security? Those two programs alone account for a staggering 40% of all federal spending.Speaker of the House Kevin McCarthy, R-Calif.
House Committee on Oversight and Accountability Chairman James Comer, R-Ky., leads an organizational meeting for the 118th Congress at the Capitol in Washington Jan. 31, 2023.soaks up 15% of all federal dollars. That’s slightly more than half of all discretionary spending. Some Republicans are game to trim military money, but it’s hard to see how Congress gets close to establishing a ten-year path to balance the budget.
"One in every $5 needs to go away. And so the check you used to get for a buck is now 80 cents. We used to get $100. You got 80 bucks. You go to the doctor. They used to give them $100 for care. They're going to give them $80. How does the doctor react when they take 20% of their revenue away? They might drop an assistant. Appointments take longer to book," said Holtz-Eakin."Money has been in the pipeline and people are counting on it. When it goes away, abrupt changes happen.
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