what's new
Only three people voted in favor of passing an amendment to a new Social Security bill sponsored by Sen. Rand Paul, Republican of Kentucky, that would phase in the retirement age to 70 to receive benefits. There were only Republicans.
why is it important
Currently, the retirement age for receiving full Social Security benefits is between 66 and 67, depending on the year of birth. However, you can begin receiving some benefits at age 62. Currently, there are 55,965 Americans age 65 and older receiving Social Security.
Americans have been paying into the system for years, but the Social Security Administration (SSA) is on track to run out of funds to pay in full as early as 2035.
Social Security has become a dangerous issue on Capitol Hill because lawmakers want a federal program to solve the bankruptcy crisis but don't want to upset the voters who benefit from it.
What you need to know
The House of Representatives passed a bill in November called the Social Security Fairness Act 327-75, which includes two provisions called the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO) that limit Social Security benefits for people who receive pensions from the government. Deleted. and civil servant work.
After the bill was introduced in the Senate, Paul proposed an amendment that would gradually increase the Social Security retirement age to age 70 to offset the costs of the Social Security Fairness Act.
Paul, who opposed the bipartisan bill to reform Social Security, told The Hill that the bill would “hasten the collapse of Social Security. Social Security is scheduled to fail in 2034. This brings that forward by about a year.” That's an additional $200 billion.” to programs that are already underfunded. ”
The amendment failed in a vote Friday night, 93-3. The only Republican senators who supported this amendment were:
- Rand Paul of Kentucky
- Cynthia Lummis of Wyoming
- Mike Lee of Utah
When asked to comment newsweek On Saturday morning, Paul's office referenced a press release about the proposed amendment, which read: “Proposing a proposal that would make Social Security inequitable and fiscally weakening is foolish. We need to reverse the damage.” The senator's statement included: This legislation would provide nearly $400 billion in savings and strengthen Social Security through my amendment to gradually raise the retirement age to reflect current life expectancy. ”
newsweek We also reached out to Mr. Lummis' office via email and to Mr. Lee's office by phone Saturday morning after business hours seeking comment.
The Social Security Fairness Act passed the Senate without amendments early Saturday morning. A total of 49 Democrats and 27 Republicans voted for the bill, and 20 Republicans, including Paul, voted against it.
people's opinions
Senate Majority Leader Chuck Schumer“Millions of retired teachers, firefighters, mail carriers, state and local employees have been waiting for this moment for decades,” the New York Democrat said after the Social Security Fairness Act was passed. “People will no longer receive their hard-earned social security benefits.” Profits taken away from them. ”
senator thom tillis“Instead of doing this on a sustainable basis, we bowed to the pressures of the moment,” said the North Carolina Republican who voted against the bill.
what happens next
The bill will now go to President Joe Biden's desk, where he is expected to sign it into law.
Updated on December 21, 2024, 12:05 PM ET: This article has been updated with comment from Paul.
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