A new potential budget plan from House Republicans would seek to raise the retirement age and restructure Medicare.
The plan was released by the Republican Study Committee on Wednesday.
The group is comprised of over 170 GOP members in the federal House of Representatives.
Likely Republican Presidential nominee Donald Trump can count several allies among that number, and analysts say the budget can be viewed as a wishlist of things Republicans would hope to accomplish if Trump were to return to the White House for a second term.
Among the items in the report were Republican solutions for the coming insolvency of both Medicare and Social Security. Under the current infrastructure, Medicare would become insolvent in 2028 with Social Security following not long after in 2033.
Insolvency would force benefits from both programs to be slashed unless new avenues of funding are arranged.
Republicans steadfastly stand behind cutting those benefits in the report after listing three potential solutions and quickly rejecting two of them: transferring money from the general fund and raising taxes.
“Raising taxes on people will further punish them and burden the broader economy – something that the spend and print regime has proven to be disastrous and regressive,” the budget says, then goes on to oppose “a multi-trillion-dollar general fund transfer that worsens our fiscal situation.”
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The budget also excoriates the Affordable Care Act, the health insurance legislation dubbed “Obamacare” by Republicans, and endorses rolling back subsidies and regulations associated with the plan.
As for Social Security, the budget calls for “modest adjustments to the retirement age for future retirees to account for increases in life expectancy.”
It also seeks to lower benefits for the highest-earning beneficiaries while also noting that those ideas would not be implemented in the immediate future: “The RSC Budget does not cut or delay retirement benefits for any senior in or near retirement.”
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