Aaron Fobes, Julia Lawless (202) 224-4515
Hatch Amendment to Preserve Integrity of Social Security Clears Senate
Utah Senator Says, “This amendment will allow for bipartisan efforts to generate the long-term sustainability of the Social Security system and protect benefits for current and future beneficiaries. It’s a win-win.”
WASHINGTON – Senate Finance Committee Chairman Orrin Hatch (R-Utah) today applauded Senate passage of an amendment (#498) he introduced to the Senate Budget Resolution for Fiscal Year (FY) 2016 that would allow Congress to consider legislation submitted by the President to protect current beneficiaries and save Social Security for future generations. The Hatch amendment passed by a vote of 75 to 24.
“Every year we delay makes it more difficult to implement gradual reforms to Social Security that will allow us to avoid abrupt changes for future beneficiaries,” said Hatch. “Delay makes it more difficult for hard-working Americans to gradually adjust their plans and makes it more likely that they will be hit with an uncertain blow to benefits or more taxes. This is an issue that can be best addressed through a bipartisan dialogue. And, this amendment will allow for bipartisan efforts to generate the long-term sustainability of the Social Security system and protect benefits for current and future beneficiaries. It’s a win-win.”
Specifically, the Hatch amendment would create a deficit-neutral reserve fund (DNRF) for legislation directing the President to submit a plan to Congress to address Social Security’s shortfalls in order to protect seniors from the benefit cuts that are coming under current law.
The Senate Finance Committee has jurisdiction over the nation’s entitlement programs, including Medicare, Medicaid and Social Security.
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