LONG TERM FINANCING
Social Security Trustees Reports What is the Trustees Report?
By law, the Social Security Board of Trustees must annually report to Congress on the financial status of the Social Security Trust Funds. The Board of Trustees has six members including the Secretary of the Treasury as Managing Trustee; the Commissioner of Social Security; the Secretary of Health and Human Services; and the Secretary of Labor. The President has authority to name the remaining two who serve as public trustees. Those two positions are currently vacant, but hearings were held for both nominees on July 29, 2010 and their confirmations await Senate approval.
SOCIAL SECURITY REFORM PROPOSALS
This section contains information about and links to proposals that include changes to Social Security.
National Commission on Fiscal Responsibility and Reform
President Obama appointed members of a National Commission on Fiscal Responsibility and Reform to identify policies to improve the nation’s fiscal situation, including ways to reduce the federal deficit by 2015. One work group is discussing issues related to mandatory spending which includes Social Security benefits. The Commission’s final report and recommendations are due no later than December 1, 2010 and they will require approval of at least 14 of its 18 members.
Committee for a Responsible Federal Budget
The Committee for a Responsible Federal Budget is a bipartisan, non-profit organization committed to educating the public about issues that have significant fiscal policy impact. The Committee is made up of some of the nation’s leading budget experts including many of the past Directors of the Budget Committees, the Congressional Budget Office, the Office of Management and Budget and the Federal Reserve Board.