Budget watchdog: Social Security will be insolvent in six years

Maya MacGuineas, president of the Committee for a Responsible Federal Budget, told senators Wednesday that the growing national debt, fueled by ballooning spending and wide-reaching tax cuts, would soon cause federal trust funds that pay for Social Security and Medicare to become insolvent.

"Social Security, in particular, it's going to be insolvent in six years," she said during a Senate hearing on the federal fiscal outlook. "This is an unconscionable situation that we've found ourselves in, and yet the conversation still continues to be people competing not to do anything to fix the program."

The budget watchdog leader told senators that inaction on the national debt would have substantial ramifications for American society.

"It's going to cause a generational resentment, and younger people are going to be right to be angry about it," she said.

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