Joe Biden's State of the Union Address May Help Avoid Social Security Cuts. For Now.
President Joe Biden recently delivered his highly anticipated State of the Union address, which is always a big event for a sitting President. Biden discussed a number of topics, including the contentious debt ceiling debate, which has also included a conversation on government-run programs such as Social Security.
The mention of Social Security during his speech resulted in a strange interaction between Biden and Republicans that may end up pushing any kind of potential cuts to Social Security even further off the table than they already were. However, even if this is true, it doesn't solve the larger problem the program is facing. Let me explain.
Earlier this year, the U.S. government hit the debt ceiling, which is the total amount of money the government can borrow to fund obligations that lawmakers have already approved. Normally, as has been done many times in the past, lawmakers would move to raise the debt ceiling so it can continue to borrow and fund obligations such as Social Security.
Source Fool.com
