WASHINGTON (NEXSTAR)—Lawmakers in the Senate discussed ways to protect retirement and Social Security benefits during a hearing on Wednesday, as the agency continues to face solvency and budgetary challenges.
Commissioner for the Social Security Administration, Martin O’Malley asked lawmakers for additional funding for the agency as it struggles with a staffing crisis that is leading to long wait times for Americans across the country.
“The challenge we face today at Social Security is perhaps the most daunting in its 89-year history,” O’Malley said in his opening statement. “The president’s budget for Social Security would be a big step in the right direction.”
He argued the money would help the agency staff critically important customer-facing field offices around the country and its toll-free phone line.
“Social security today is struggling to serve more customers than ever with staffing that Congress has reduced to a 50-year low,” O’Malley said.
House Republicans have proposed cutting $500 million from the Social Security Administration’s budget. O’Malley argued this would be “devastating” to the agency.
“We would only have a budget to really keep the lights on, not to be anything, to do anything to improve it or improve its resiliency,” he told Senators.
Lawmakers expressed concern that Social Security is currently on a path to insolvency. Sen. Rick Scott (R-Fla.) blamed the Biden administration for Social Security shortfalls.
“I think we all know that Social Security’s got to get fixed,” Scott said. “I think we all know it’s unsustainable. So, I wish the administration was doing something about this.”
The future of Social Security has become a political talking point as the 2024 general election approaches.
The next cost-of-living increase for Social Security recipients is projected to be the lowest since 2021.
In May, it was announced that Social Security’s trust funds would be unable to pay full benefits starting in 2035. Officials warn the agency would only be able to pay 83% of the benefits.
About 71 million people, including retirees, people with disabilities and children receive Social Security benefits.
The Associated Press contributed to this report.
