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House Speaker Mike Johnson denies backing cuts to benefits amid Social Security shortfall warning

House Speaker Mike Johnson has denied reports he is advocating for cuts to Social Security amid concerns that the Social Security retirement trust fund will run out of reserves by late 2032.

Earlier this month, Social Security trustees estimated that the Old-Age and Survivors Insurance fund will exhaust its reserves in late 2032, about three months earlier than forecast last year.

If Congress does not act, this could trigger a reduction in monthly Social Security retirement income payments by 22%, the report warned.

The trustees said: "Taking action sooner rather than later will allow consideration of a broader range of solutions and provide more time to phase in changes so that the public has adequate time to prepare."

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In the wake of the report, Johnson said that mandatory spending on programs like Medicare, Medicaid and Social Security should be "adjusted and fixed."

"The reason we're in trouble is because over 74 percent of federal spending is on autopilot — mandatory spending, that is your entitlement programs like Medicare, Medicaid and things like Social Security — they have to be adjusted and fixed," Johnson said on the Moon Griffon Show on June 8.

The comment has sparked debate among GOP senators, according to The Hill. While some have backed his calls to grapple with the issue, others believe enacting cuts before the mid-terms could be politically difficult.

Sen. Josh Hawley said he gets nervous when policymakers talk about the need to "address" or "reform" Social Security.

"Addressed? Reformed? That's usually code for 'cut.' I'm not in favor of that," the Republican lawmaker said.

One anonymous senator told The Hill they were concerned about a potential political blowback similar to that experienced by the Bush administration in 2005 when it attempted to partially privatize Social Security.

The initiative failed due to intense political opposition from Democrats, moderate Republicans, and powerful groups like AARP, resulting in a public backlash that forced Republicans to abandon the plan by mid-2005.

"It has to be bipartisan," the unnamed GOP senator said, who added that "all the Republicans" are "not going to walk the plank on Social Security reform all by themselves."

Sen. Rand Paul also urged for a cross-party solution, writing on X that "Social Security insolvency is here."

"For years I have put forward plans to fix Social Security to save it from bankruptcy," he said on Sunday. "Now I am proposing a bipartisan, bicameral committee with equal numbers Democrat and Republican to avoid this looming default," he added.

Democratic Sen. Kirsten Gillibrand also warned against making Social Security cuts.

"The best way to fight back? A Democratic Senate majority," she wrote on X.

On Monday, Johnson branded claims that he was advocating cutting benefits as 'FAKE NEWS'.

Posting a link to the Hill article he wrote on X: "Don't believe the FAKE NEWS. When Republicans talk about fixing Social Security, Medicare and Medicaid, we are not talking about reducing a single benefit.

"We're talking about eliminating hundreds of billions in FRAUD and inefficiencies that are draining the programs and threatening their sustainability.

"The duty of Congress is to address the problems so we can PRESERVE the essential benefits that are relied upon by the American people," he added.

Public opinion remains mixed on how lawmakers should address Social Security's funding shortfall.

At first glance, most Americans say they would support increasing Social Security taxes to avoid benefit cuts for seniors, with 63% in favor, the libertarian think tank the Cato Institute found.

In a poll conducted by YouGov, 44% of Americans said the Social Security situation was worse than they thought.

Yet attitudes "shift dramatically when discussing tax increases in concrete dollars and cents," with 77% opposing increasing their own taxes by $1,300 per year to maintain benefits.

A significant number were in favor of Congress creating an independent national commission of non-partisan experts with authority to solve Social Security budget problems, totalling 71%.

Johnson's office has been approached for comment.

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