Committee for a Responsible Federal Budget – “Last week, the Government Accountability Office (GAO) released a report on the financial health of the nation’s federal trust funds. Requested by Senate Budget Committee Chairman Mike Enzi (R-WY) and Senator Mike Braun (R-IN), the report shows that insolvency dates for major trust funds are fast approaching and gives lawmakers a renewed sense of urgency to explore potential solutions like the bipartisan TRUST Act. According to the report, under current law, the Highway Trust Fund will be insolvent by 2022, the Pension Benefit Guaranty Corporation Multiemployer Trust Fund by 2025, the Medicare Hospital Insurance Trust Fund (Medicare Part A) by 2026, the Social Security Old-Age and Survivors Insurance Trust Fund (OASI) by 2034, and the Social Security Disability Insurance Trust Fund (SSDI) by 2052…GAO’s report is yet another reminder of the precarious financial state of some of the nation’s most important federal programs. Per the report, while trust fund balances grew over the past five fiscal years, they are expected to start shrinking beginning in 2022, largely as a result of declines in the Social Security and Medicare trust fund balances. Over time, persistent trust fund deficits will lead to increased federal borrowing as trust funds will be forced to redeem their holdings of U.S. Treasury securities in order to continue to meet their obligations…”