it doesn t create any it hauz money until 2037. when you make certain changes in social security, that money doesn t go to reduce the debt or the deficit. it goes into the social security fund. i think the president put it on the table to show the republicans he s willing to go the extra mile. but he called their bluff and they still said because we won t raise taxes on millionaires because we won t close any loopholes. kay bailey hutchison, god bless her, she s a good friend. you have to open other loopholes. she s not willing to do that to reduce the deficit. a question for pat, then peggy. eric cantor walked out of meetings, boehner saying no deal, won t work. we re not going to go for the grand plan. you are getting a lot of no s. you have the visual of the president calling the meetings
when it changes, you want to make sure it s put back into social security. so you re basically saying, fine, we may tichker with cola, but what it is, it s going back into i m not saying we re going to tinker with cola, but i am saying when you re dealing with social security, yes, it should extend the life of social security. right now social security is fully solvent until 2037. what we should not be doing is trying to balance the rest are of the budget on the backs of social security beneficiaries. what we could do is work to strengthen social security on its own track and there may be ways to dedicate more revenue to social security as part of any discussion and further strengthen the solvency of social security. all right. what is too much for democrats? it looks like we were discussing a bit of the simple math here. there s complicated math when we talk about colas and social security and then there s simple math, 218. we know there s not 218 republicans for a deal. boe
anything about social security until you see what is going to be proposed. it s been my position and i believe the overwhelming majority of the democratic caucus that because social security s in good shape, you don t run into it running out of money until 2037 and because it is not a driver of the deficit, even the simpson-bowles commission said any changes in social security would go into social security, not into the deficit. that it should be treated separately. but it s premature to comment until you see some specifics. i think that the bottom line is in terms of an overall deal, the big holdup here is the fact that republicans have kept revenues off the table completely, even eric cantor yesterday, people said well, it s a great thing he says maybe he ll do a few of these egregious loopholes in the law, corporate jets and yachts and stuff like this, but even there, he had another loophole
shortfall that we re going to be facing. no. no. no. so we will adjust that and i m just saying if you re looking at something that s going to be phased in over the next 20 or 30 years, i m not reflectively going to rule out increasing it for example another year. we did two years. the sky didn t fall. this is a disaster. this is a disaster what i m hearing from you. i m not against reform. if you say hey, for example, we ve got to increase the amount of people paying the payroll tax. so you go above $106 those. okay, that makes perfect sense to me and there are reforms can you do. but it is perfectly stable until 2037. it pays every cent. then it pays 75%. so why would you raise the retirement age. what i m hearing from you, even a member of the progressive caucus is not going to fight for it. these people will lose with 10,
45% of the program is generated with general revenue two years in a row, the president has to submit a plan to make it solvent. it has happened and the president hasn t presented a plan. the senate has chosen not to produce a budget. to his credit, he did produce a budget. the president hasn t produced a budget to fix this problem. house republicans have. ours does save medicare from going bankrupt. he may not like the way in which we do it, but at least we are saving the system, preserving the program and not changing benefits for current seniors. and the other last point, cbo is telling us in 2037, the entire economy crashes because of debt. medicare is making promises to people it doesn t have money for to the tune of $30 trillion. to pass the prescription drug bill that relies on general revenue and then introduce a budget that says we are not going to ask the the folks at the top to go to the same tax