(FILE) Senator Mitt Romney, R-Utah, on Capitol Hill in Washington, D.C., on March 26, 2019.
WASHINGTON, D.C. – Senator Mitt Romney (R-Utah) is encouraging fellow lawmakers to support the TRUST Act, a bipartisan plan that aims to tackle the federal deficit while saving popular programs like Medicare Part A.
The federal government took in $133 billion more in fiscal year 2019 than it did in 2018 according to the Congressional Budget Office, an increase of 4%. But spending over that same period rose by 8%.
The federal deficit is projected to hit a trillion dollars this year, while Social Security, Medicare Part A, the Highway Trust Fund, Social Security Disability Insurance, and Social Security Old-Age and Survivors Insurance could all be insolvent by 2035.
Romney spoke about these issues during a Senate Committee on Homeland Security and Governmental Affairs Committee hearing on Tuesday, where he urged support for the TRUST Act.
“If we do nothing, then we will at some point reach a crisis. Where at that point, we’ll have to raise taxes like crazy, which would clearly impact the economy, or cut benefits that would hurt our seniors,” Romney said.
The TRUST Act has been introduced by a bipartisan group in the Senate and the House.
However, the legislation has drawn opposition from Social Security advocacy groups who fear cuts to entitlement programs.