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U.S. Social Security won't be able to pay full benefits in 17 years

Staff Writer |
The Social Security and Medicare trust funds will not be able to pay all debts inside of 20 years unless Congress acts, an annual report by the Treasury Department predicted.

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The forecast was included in a 269-page trustee's report released Thursday. It means that by 2034, the program will have enough revenue to cover 77 percent of promised Social Security and Medicare benefits.

"The trajectory is still alarming," said Secretary of Health and Human Services Tom Price. "The bottom line is it must be addressed."

In the period from 2018-27, Social Security will run deficits totaling $1.4 trillion, and $4.9 trillion in the following decade, the report said.

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