Stories tagged: "Medicare"


FILE - Speaker of the House Kevin McCarthy, R-Calif., speaks at the Capitol in Washington, Thursday, April 20, 2023. The Democratic president and Republican congressional leader have each tried to assure the public in recent weeks that they don't want the government of the world's largest economy to default. But President Joe Biden has resisted McCarthy's calls for negotiations, while McCarthy is pushing a plan that can't pass the Democratic-majority Senate. (AP Photo/J. Scott Applewhite, File)
What Happens if America Defaults on Its Debt?

If the country defaults on its debt, millions of people would lose their jobs, retirement accounts would be decimated, Social Security payments could be delayed, Medicare and Medicaid benefits could be affected, and military members could see paychecks delayed.

FILE - President Joe Biden speaks about his administration's plans to protect Social Security and Medicare and lower healthcare costs, Feb. 9, 2023, at the University of Tampa in Tampa, Fla. It seems like no one wants to cut Social Security or Medicare benefits, including Biden, who is already telling voters that his upcoming federal budget proposal will “defend and strengthen” the programs. (AP Photo/Patrick Semansky, File)
Biden Proposes Taxes on the Rich to Strengthen Medicare Funding

Biden’s plan would increase the Medicare tax rate on Americans earning above $400,000 from 3.8% to 5% to help keep Medicare solvent into the 2050s. No one earning under $400,000 a year would pay a dime more in taxes, under Biden’s plan. 

FILE - President Joe Biden speaks about his administration's plans to protect Social Security and Medicare and lower healthcare costs, Feb. 9, 2023, at the University of Tampa in Tampa, Fla. It seems like no one wants to cut Social Security or Medicare benefits, including Biden, who is already telling voters that his upcoming federal budget proposal will “defend and strengthen” the programs. (AP Photo/Patrick Semansky, File)
Biden Proposes Taxes on the Rich to Strengthen Medicare Funding

Biden’s plan would increase the Medicare tax rate on Americans earning above $400,000 from 3.8% to 5% to help keep Medicare solvent into the 2050s. No one earning under $400,000 a year would pay a dime more in taxes, under Biden’s plan. 

Speaker of the House Kevin McCarthy, R-Calif., speaks during a news conference in Statuary Hall at the Capitol in Washington, Thursday, Jan. 12, 2023. (AP Photo/Jose Luis Magana)
GOP Plans Could Include Deep Cuts to Social Security, Medicare, Medicaid, and the Affordable Care Act

House Republicans want to apply deep cuts to everything from health insurance to food assistance benefits, an effort that would plunge millions more Americans into extreme poverty.  

President Joe Biden delivers the State of the Union address to a joint session of Congress at the U.S. Capitol, Tuesday, Feb. 7, 2023, in Washington, as Vice President Kamala Harris and House Speaker Kevin McCarthy of Calif., applaud. (Jacquelyn Martin, Pool)
‘A Blue-Collar Blueprint to Rebuild America: 7 Takeaways From Biden’s State of the Union‘

Biden’s blueprint includes several recently passed laws which are expected to create millions of good-paying jobs in construction, manufacturing, and other sectors. 

Speaker of the House Kevin McCarthy, R-Calif., speaks during a news conference in Statuary Hall at the Capitol in Washington, Thursday, Jan. 12, 2023. (AP Photo/Jose Luis Magana)
MAGA Republicans Plan to Hold the Economy Hostage to Cut Social Security and Medicare

The debt ceiling is a numerical limit, set by Congress, on how much money the federal government can borrow to pay its bills. Increasing the debt ceiling is a routine congressional task, but Republicans want to hold it hostage to make cuts to Social Security and Medicare, even though failing to raise the limit would cause massive economic devastation.

AP Photo/Andrew Harnik
The Republican Party’s Economic Agenda Includes Tax Cuts for Corporations and Cuts to Social Security and Medicare

Republicans have said they want to extend the Trump tax cuts, which mostly benefited billionaires and corporations; cut spending on Social Security and Medicare; and repeal the Inflation Reduction Act, which lowered the cost of prescription drugs and raised taxes on corporations.