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AFP: Senate Right to Prioritize TRUST Act

Jul 23, 2020 by AFP

Arlington, Va. – Americans for Prosperity commended the Senate for prioritizing the Time to Rescue United States’ Trusts (TRUST) Act. The bipartisan bill, sponsored by Senators Mitt Romney, Joe Manchin, Todd Young, Doug Jones, and Krysten Sinema, would create bicameral, bipartisan “Rescue Committees” tasked with proposing reforms that would save and improve endangered trust fund programs currently headed towards insolvency and better prepare our country to handle future crises. The Senate is now considering including the TRUST Act in potential COVID-19 spending legislation.

 

Americans for Prosperity President Tim Phillips released the following statement:

“These programs were already on the brink of collapse and in dire need of reform. But leaving them to continue on their trajectory of fiscal insolvency in this economic crisis will make it even harder for our country to recover and grow. With less revenue going into these trust funds, now is the time to make the changes  to improve them so they both work better for those who truly need them and are affordable for taxpayers. The TRUST Act rightly makes these reforms a bipartisan priority.”

 

Background:

 

Americans for Prosperity has been at the forefront of advocating for fiscal responsibility and urging lawmakers to put the country on a sustainable fiscal path.

 

AFP recently released “Recover Stronger: A Starting Point to Build An Economy that Works for All,” a set of principles and recommendations that offer lawmakers a starting point to build a stronger economy as the country recovers from COVID-19. As Congress considers massive spending bills, the guidance is intended to present better alternatives to help the economy recover – and ultimately create a new, stronger economy.

 

As part of the grassroots’ group “No Bad Deals” campaign, the group urged lawmakers to not worsen the fiscal condition of the budget, as it would threaten the country’s ability to respond to another crisis and potentially hurt the wellbeing of countless Americans.

 

Last year, AFP released a report warning that a failure to change course on federal spending and debt would threaten the quality of life for all Americans. The report details the lasting consequences of out of control government spending. It outlines immediate actions Congress can take – including many reforms to endangered trust fund programs – to avoid this rapidly approaching crisis and secure a brighter future for all Americans.

 

According to the Brookings Institute: “Even before COVID-19 struck, balances in the trust fund for Medicare Part A (Hospital Insurance) were projected to be depleted by 2026Disability Insurance (SSDI) by 2028Old-Age and Survivors Insurance (OASI) by 2034, and the combined Highway Trust Fund by as soon as 2022.”