Social Security running out of money

Washington Post - For decades, Washington has replayed the same fight over taming the soaring national debt: Democrats cite a need for more taxes. Republicans refuse. And anyone who suggests cutting the biggest source of spending — federal retirement benefits — gets attacked.

But a coming crisis in Social Security appears to be pushing at least a few Republicans off the GOP’s long-standing pledge never to raise taxes.

This summer, Sen. Bernie Moreno (R-Ohio) joined Sen. Elizabeth Warren (D-Massachusetts) in proposing to raise the payroll tax cap so people with higher incomes pay more into the program. Now the idea is emerging as an acceptable fix among other GOP lawmakers, including Rep. Tom Cole (Oklahoma), the influential chair of the House Appropriations Committee.

The rare GOP concessions on taxes come as lawmakers begin to confront a Social Security shortfall so large and so imminent that the party’s traditional demand for curtailing benefits is unlikely to suffice. In just six years, millions of Social Security recipients will absorb a 22 percent cut in benefits unless lawmakers provide an immediate infusion of nearly $500 billion.