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Republicans are seeking to flip the script on Social Security as they dial up the pressure on President Biden.

Democrats for months have been on offense on Social Security, accusing Republicans repeatedly and publicly of wanting to make cuts to the entitlement program. But now some in the GOP are hitting back and trying to put the onus back on Biden to address the insolvency threat facing the program.

The dynamic was on full display in a pair of hearings this week that saw Republicans criticize White House officials and key in on the absence of a plan to shore up Social Security in the 2024 budget proposal the president released last week.

Sen. Bill Cassidy (R-La.) was among other Republicans to broach the issue in a charged line of questioning against Treasury Secretary Janet Yellen during a Finance Committee hearing Thursday.

“Of the $4.5 trillion in taxes he has proposed, not a dime is going to shore up Social Security,” Cassidy said, before asking moments later “why doesn’t the president care” about threats to the program’s funding. 

The Congressional Budget Office (CBO) estimated last month the program’s fund risks running a shortfall in 2032. 

Yellen responded that Biden “cares very deeply,” before Cassidy interjected to ask for the president’s plan to extend solvency for Social Security. 

Yellen said that Biden “stands ready” to work with Congress on the matter, but Cassidy called the statement a “lie.”

“Because when a bipartisan group of senators has repeatedly requested to meet with him about Social, so that somebody who is a current beneficiary will not see her benefits cut by 24 percent, we have not heard anything on our request,” he said. 

“And we’ve made multiple requests to meet with the president,” Cassidy added.

The Hill has reached out to the White House for comment. 

Cassidy has been leading bipartisan talks with Sen. Angus King (I-Maine) to explore potential fixes to shore up funding for the program.

The issue was also subject of a heated exchange during a hearing before the Senate Budget Committee on Wednesday, when Sen. Mitt Romney (R-Utah) pressed White House Office of Management and Budget (OMB) Director Shalanda Young about Biden’s plans for the program, and his accusations against Republicans.

“I know of no Republican or Democrat in the House or the Senate who is proposing cutting Social Security benefits, and it’s dishonest to keep saying it,” he told Young. “It’s offensive and dishonest and not realistic.”

“This president believes the biggest threat to Social Security are those who want to cut it,” Young said moments later. “His budget says no.”

Romney called the response “offensive in the extreme,” while doubling down on his argument that “no one” on the Republican side “is proposing cutting Social Security benefits for our Social Security recipients.”

The exchanges are some of the latest shows of frustration among Republicans, as the party has sought to quell concerns they are looking to cut Social Security, despite an onslaught of attacks from the other side. 

“We’ll never get those programs reformed and saved without presidential leadership,” Sen. Marco Rubio (R-Fla.) told The Hill this week, saying Biden is “not doing anything.”

Democrats have pushed back on the criticisms, arguing the president’s resume speaks for itself on the matter.

“One way of looking at it is through the budget, but I think the president’s got a long record of outlining steps he would take to strengthen Social Security,” Sen. Bob Casey (D-Pa.) told The Hill on Wednesday.

“Unfortunately, the debate around here has been Republicans wanting to make changes or privatize or private accounts, there’s so many different ideas,” he argued. “So, he spent a lot of time pushing back against that, but I think our side has been in the, in the lane of trying to strengthen it.”

The president’s budget request included investments aimed at improving services for recipients. And while he didn’t propose a plan for solvency for Social Security, the request offered a path to plan to shore up Medicare, as some estimates project the program’s Hospital Insurance trust fund will reach insolvency in roughly five years. The budget calls for a higher tax rate on earned and unearned income above $400,000, which the White House says will protect the fund for at least 25 years.

The pitch was instantly met with immediate support from Democrats, though Republicans came out against the proposed tax hike. Others say they were also taken aback by the inclusion of a plan for Medicare, and not Social Security, though it’s not the first time that plans for solvency for either program have been absent from the president’s budget requests.

Sen. Cynthia Lummis (R-Wyo.) on Wednesday called the move by Biden surprising, while arguing changes to Social Security are probably “easier” to tackle than reforms to Medicare, though “harder to do politically.”

Rubio said otherwise on Wednesday, instead arguing that “no one wants to touch” the program, as changes to entitlement programs have long been seen as a tough lift on Capitol Hill.

“In fairness, Republican presidents really haven’t either because it’s a third rail politically. But the math is what it is on those programs,” he said, adding: “Eventually, we’re gonna have to confront it.”

Democrats began to ramp up attacks on Republicans over Social Security months ago, after some GOP members floated linking potential entitlement reforms to a deal to avoid a federal default late last year. 

The Republican Study Committee, the biggest conservative caucus in the House, has also received attention for proposals to tighten the eligibility age for Social Security and Medicare, an idea many Democrats see as a nonstarter.

And while there has been interest among the conference’s conservative flank toward pursuing changes to the age threshold for Social Security in recent months, GOP leadership has vowed reforms to Social Security or Medicare will be off the table in debt ceiling talks. Banking executives sold millions in stock before crash: WSJ Sanofi cuts the price of its most prescribed insulin by 78 percent

However, that hasn’t stopped Democrats from sounding the alarm as House Republicans pushed for plans to balance the federal budget in 10 years — an ambitious goal Democrats say would be extremely difficult without steep cuts to spending across the board, including to Social Security.

But despite distrust among some Democrats, a number of senators in the party have signaled a willingness to explore bipartisan solutions to help shore up funds for Social Security and Medicare in recent weeks. 

Sen. Joe Manchin (D-W.Va.), who’s been among the most vocal Democrats pushing for bipartisan funding fixes for the entitlement program, said on Wednesday that he wants Congress to “take care of both.”

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Dances With Wolves and The Green Mile actor Graham Greene dies aged 73

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Dances With Wolves and The Green Mile actor Graham Greene dies aged 73

Graham Greene, the Canadian First Nations actor best known for his performance in Dancing With Wolves, has died aged 73.

The star died peacefully after a long illness.

His agent Michael Greene (not a relation) said he loved everything the actor “did for his people and for all the world” in a statement sent to Sky News.

“He was a great man of morals, ethics and character and will be eternally missed…God bless his beautiful soul.”

Greene was a “trailblazer” who opened doors for indigenous actors in Hollywood, US entertainment outlet Deadline reported.

He made his screen debut in an episode of the Canadian drama series The Great Detective in 1979, and his first film, Running Brave, followed in 1983.

But his breakthrough came when he was cast as Kicking Bird (Zintka Nagwaka) in Kevin Costner‘s Dances With Wolves, released in 1990.

Greene was nominated for best supporting actor, one of 12 nods for the film, which took home seven, including best picture.

He went on to appear in Maverick alongside Mel Gibson and Jodie Foster in 1994, Die Hard With A Vengeance with Bruce Willis and Samuel L Jackson in 1995, The Green Mile with Tom Hanks and Michael Clarke Duncan in 1999, The Twilight Saga: New Moon with Kristen Stewart and Robert Pattinson in 2009, and Wind River alongside Jeremy Renner and Elizabeth Olsen in 2017.

His TV credits included Wolf Lake, Defiance and Marvel’s Echo, as well as Tulsa King and The Last Of Us more recently.

Greene also had several projects in the works, according to movie database IMDB.

He is survived by his wife, Hilary Blackmore, his daughter Lilly Lazard-Greene and her son, Talo.

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Father Ted co-creator Graham Linehan ‘arrested at Heathrow over posts on X’

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Father Ted co-creator Graham Linehan 'arrested at Heathrow over posts on X'

Father Ted co-creator Graham Linehan has said he was arrested at Heathrow Airport, over social media posts sharing his views on trans rights.

Writing on Substack, the 57-year-old said that after flying into the UK from Arizona, he was detained by five armed officers and put in a cell before being questioned over posts published on X in April.

During questioning, he said a nurse checked on him and found his blood pressure had reached “stroke territory”, so he was taken to A&E.

A Met Police spokeswoman confirmed an arrest was made at Heathrow on Monday but did not identify Linehan.

In a statement, the force said: “On Monday 1 September at 1pm officers arrested a man at Heathrow Airport after he arrived on an inbound American Airlines flight.

“The man in his 50s was arrested on suspicion of inciting violence. This is in relation to posts on X.

“After being taken to police custody, officers became concerned for his health and he was taken to hospital. His condition is neither life-threatening nor life-changing.

“He has now been bailed pending further investigation.”

The arrest was made by officers from the force’s Aviation Unit, the Met spokeswoman said, adding that it is routine for officers policing airports to carry firearms.

“These were not drawn or used at any point during the arrest,” she said.

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Business

Pound drops as 30-year gilt yields at highest level this century

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Pound drops as 30-year gilt yields at highest level this century

The value of the pound has sunk – as the cost of 30-year government borrowing reached a high last seen in 1998.

The so-called spot rate saw one pound buy $1.336 on Tuesday, a low last seen in early August, and down from $1.353 earlier in the day.

Despite the dip, it’s still higher than the vast majority of the past year: in early September 2024, a pound bought $1.31.

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The decline, however, means sterling is on course for the biggest one-day drop since April, when Donald Trump’s announcement of country-specific tariffs spooked markets.

The drop was similarly steep against the euro, with a pound momentarily buying €1.1486, a low not seen since November 2023, nearly two years ago. It’s also a fall from €1.1586 earlier in the trading session.

Before the so-called liberation day announcement, £1 equalled nearly €1.19.

It comes as the yield – the interest rate demanded by investors – on 30-year government bonds – loans taken by the state – hit 5.72%, the highest rate this century.

Why?

Yields are rising across the globe in the face of weak economic growth and the US trade war.

Investors are also concerned about UK government finances as Chancellor Rachel Reeves battles to stick to her fiscal rules to bring down debt and balance the budget.

High inflation and increased public debt from the pandemic have left a deficit between state spending and income.

There have been high-profile government U-turns on winter fuel payments and welfare spending cuts that have meant the chancellor has to look elsewhere to meet her self-imposed fiscal rules.

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More expensive interest payments from rising bond yields have meant the country is stuck in a cycle of rising debt.

Today’s rises to the cost of government borrowing could not have come at a worse time for the public finances.

While a £14bn sale of new 10-year government debt – a record sum – was completed, it was achieved at the highest yield since 2008.

Lale Akoner, global market analyst at investment platform eToro, said of the auction: “For the government, this creates a paradox – market confidence in UK debt is robust, but financing that debt is increasingly expensive, constraining budget flexibility and raising the stakes for fiscal discipline ahead of the autumn budget.”

The yield on 10-year gilts, as they are known in the UK, later rose to its highest since January at 4.825%, up on the day but in line with their transatlantic equivalent, US Treasuries.

The global bond sell-off was also being reflected on stock markets.

The Dow Jones Industrial Average and tech-focused Nasdaq were both down by more than 1% at the open on Wall St.

In Europe, Germany’s DAX was 2% lower while the FTSE 100 was just 0.6% down as it is less exposed to declines in technology stocks which have accounted for much of the value growth seen over the summer.

The flight from risk also saw the spot price of gold, traditionally a safe haven for investors in times of uncertainty, briefly climb to a new record high of $3,578.40 per ounce.

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