A Senate bill that would expand Medicare to cover social security benefits has been adopted by the House of Representatives.
The Medicare Social Security Act of 2003 would extend the Social Security Trust Fund and require federal payments to pay for Medicare benefits for seniors and their families.
Senators have proposed extending Medicare benefits to help cover the costs of social security in addition to Medicare.
As the Senate is not controlled by Republicans, the bill’s sponsors are seeking to maintain a bipartisan balance between Social Security and Medicare.
In a statement, Senate Finance Committee Chairman John Thune, R-S.D., said he would vote for the bill because he “understands that Social Security is vitally important to Americans, and we should make sure it continues to pay the costs associated with it.”
He said, “Social Security is not a retirement program.
It is a government-sponsored program for Americans who depend on Social Security to help pay their bills.”
Thune said that under the current rules, Social Security benefits are not counted toward federal payroll taxes.
The Senate bill would make permanent an increase in the Medicare trust fund to cover Social Security costs from 2021 to 2027.
The Senate bill also would extend benefits for future generations of retirees and their children until the end of 2020.
Social Security would not be subject to payroll taxes under the Senate bill.
Social security’s share of the U.S. economy has dropped in recent years.
Social Security has lost nearly all of its revenues since the Great Recession.
The Trust Fund was depleted by the Great Depression and the Great Financial Crisis.
In the past year, Congress has raised the payroll tax, and the Federal Reserve has increased the amount of money it holds in reserve to help keep the Social Services Agency operating.
Social safety net programs such as Social Security, Medicare, Medicaid and Supplemental Security Income were established to help people who were denied their right to work or are otherwise unable to pay taxes.
Social reformers have argued that the current retirement benefits are too meager, and some say that Social Services needs to be restructured.