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Published on March 21, 2024
House GOP's Budget Blitz—Seniors' Medicare on the Chopping Block as Tax Cuts for Tycoons Tot UpSource: Ad Meskens, CC BY-SA 3.0, via Wikimedia Commons

In a move that aligns with President Biden's recent State of the Union warnings, the Republican Study Committee, which embodies the majority of House Republicans including its leadership, has unleashed a budget proposal that's raising eyebrows and boiling blood among those reliant on Medicare and Social Security. This contentious plan, which sees nearly 80% of House GOP members onboard, looks to juggle the future of healthcare and retirement — and not in a good way for the middle class.

The White House released a statement that blasts the proposal, accusing it of aiming to cut deep into the social safety net. With plans on the table, to raise the retirement age to 69, cut disability benefits, and transition Medicare to a 'premium support' system — seniors could be staring down higher medical bills.

But wait, there's more — if the GOP has its way, there would also be a rollback of key Affordable Care Act benefits. Remember the caps on your insulin and out-of-pocket expenses in the Inflation Reduction Act? The GOP budget does not. Add to that a whopping $4.5 trillion cut from Medicaid, and you're looking at a healthcare hangover without the preceding party for millions.

It doesn't end with healthcare, folks. The proposal touts tax cuts favoring the rich and corporate goliaths to the tune of $5.5 trillion, siding with the wealthy while the middle class could face rising housing costs and the potential demise of the Consumer Financial Protection Bureau. Yes, those clean energy tax credits that might've cushioned your bills — are on the chopping block, along with rental assistance programs and affordable housing funding.

Through all this, President Biden remains a bulwark, echoing his earlier promise, "If anyone here tries to cut Social Security or Medicare or raise the retirement age I will stop them." Critics from the left are painting the GOP budget as a clear divide in the vision for America's financial future, one where tax cuts for the affluent may come at a steep price for everyone else.