Chuck Grassley: “every year, we get what is called Medicare's ``Trustees Report.'' I come to the floor to comment on that. We all know…”

“every year, we get what is called Medicare's ``Trustees Report.'' I come to the floor to comment on that. We all know that Medicare is very much a part of America's social fabric. For decades, Medicare has provided seniors and people with disabilities access to routine and lifesaving care at their local hospital, doctor's office, and pharmacy. The trustees reported, as they do every year, that the Medicare Part A Hospital Insurance Trust Fund is expected to be depleted by 2033. This is 3 years ahead of the projections that came out in last year's report. This results from higher than expected expenditures, the growth in inpatient hospital and hospice spending. Also, for now, the eighth year in a row, the Trustees have issued what they call a funding warning. This is because Medicare's outlays for its two trust funds are expected to exceed its dedicated revenue by 45 percent. When Congress established this combined funding warning report in the 2003 Medicare Modernization Act, we intended--here in the Senate--for Congress and the President to respond with solutions. We should listen to this actuarial report, get on the job, and do something to preserve the Medicare program. Now, we all know that we talk more often about Social Security running out of money. I want to preserve and strengthen the Medicare program for future generations, just like I would say the same thing about the Social Security program.”