Rep. Wolf Says Entitlement Programs Could Affect U.S. Bond Rating
Rep. Frank Wolf (R-Va.) on Friday in a letter to President Obama said that the U.S. could lose its triple-A bond rating if Congress does not act quickly to overhaul U.S. entitlement programs, including Medicare and Medicaid, and reduce federal debt, the AP/Detroit News reports.Several lawmakers in Congress over the past two years have introduced bills to create a bipartisan task force to address the growing costs and potential insolvency of entitlement programs, such as Medicare and Medicaid. Wolf is a co-author of one such bill (HR 1557). A federal report issued earlier this month found that the trust fund Medicare uses to pay for beneficiaries" hospital care will be insolvent by 2017, two years earlier than previously predicted.According to the legislation, the task force would be responsible for developing a "grand bargain" package of recommendations to Congress on tax increases and benefits related to the entitlement programs. However, the task force has been opposed by House Speaker Nancy Pelosi (D-Calif.), several top congressional committee leaders and White House aides who said that other priorities, such as a health care system overhaul, need to be addressed first.Wolf said, "The fact that the leadership has been opposed to it has been a problem," adding, "There"s an economic tsunami off the coast and it"s ready to wipe us out." David Walker, president of the Peter G. Peterson Foundation, said that currently the potential for the task force is not good but that it should improve as the economy recovers and Congress can offer more attention to the plan (Raum, AP/Detroit News, 5/24). Opinion Pieces
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