(WASHINGTONTIMES) — Social Security’s bank account will go bust in 2022 — the first time the program’s combined trust funds will run a deficit, according to President Obama’s budget released Monday.
One of Medicare’s trust funds also will be in the red for much of the next decade, according to the numbers in the briefing book that the White House provided to Congress along with the budget, which lays out Mr. Obama’s tax and spending plans for fiscal year 2013 and beyond.
Social Security has taken in less in taxes than it has paid out in benefits since 2010, but the shortfall has beenmade up as the government has dipped into IOUs left in the trust funds from previous years.
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Monday’s numbers, though, show the combined trust fund itself will run a deficit of $2.6 billion in 2022.