President Joe Biden is proposing a plan to raise the Medicare tax on high-income Americans and push for additional drug price negotiations to fund the program through 2050.
The plan would raise the tax from 3.8 percent to 5 for those earning above $400,000 per year. The proposal is a bid to get Republicans on board with a 2024 budget bill.
"Millions of Americans have been working their whole lives, paying into Medicare with every working day, and want to know that they can count on Medicare to be there for them when they turn 65," the White House said in a statement. "The President’s Budget extends the life of the Medicare Trust Fund by at least 25 years. It achieves these gains with no benefit cuts—indeed, while lowering costs for Medicare beneficiaries.
The proposal also calls for closing loopholes in existing Medicare taxes and leveraging the Inflation Reduction Act (IRA) authority to negotiate prices for high-cost drugs.
The president is set to release his full budget plan on Thursday. Medicare and Social Security account one-third of federal spending, according to the Congressional Budget Office. Concerns about their future solvency are a perennial concern in Congress.
Columnist and political analyst Jonathan Harris provided a full recap of Wednesday night's Republican presidential debate.
The U.S. military has grounded its fleet of Osprey V-22 aircraft a week after a deadly crash off the coast of Japan.
But even as he lashed Republicans for their stance, Biden stressed that he is willing to “make significant compromises on the border,” if that’s what it takes to get the package through Congress.
The four Republican presidential candidates debating Wednesday night mostly targeted each other instead of Donald Trump. Former United Nations Ambassador Nikki Haley took the brunt of the attacks as she gets more interest from donors and voters.
Word about McCarthy's future had been expected the approach of the filing deadline to seek reelection. His departure will leave the already paper-thin House GOP majority even tighter, with just a few seats to spare.
Russian President Vladimir Putin began a rare overseas trip that will include a meeting with Saudi Arabia's crown prince, Mohammed bin Salman.
The State Department said Tuesday that Russia rejected its proposed offer to release detained Americans Paul Whelan and Evan Gershkovich.
The Justice Department has announced war crime charges against four Russian nationals in connection with the invasion of Ukraine.
Iran said it sent a capsule that is capable of carrying animals into space.
The Senate has confirmed the promotions of hundreds of military officers after Republican Senator Tommy Tuberville dropped his months-long hold over the process.
