Chuck Hagel: “last October, I introduced legislation, S. 1889, to create a bipartisan entitlement reform commission. Senator Isakson…”

“last October, I introduced legislation, S. 1889, to create a bipartisan entitlement reform commission. Senator Isakson cosponsored my legislation, and Representative John Tanner joined me in introducing this legislation in the House of Representatives. In January, the President called on Congress to create such a commission in his State of the Union Address. The amendment I am offering today responds to the President's request. My amendment establishes a reserve fund that would allow Congress to pass legislation later this year forming a bipartisan entitlement reform commission. This bipartisan commission would review America's three major entitlement programs--Social Security, Medicare, and Medicaid--and make comprehensive recommendations on how to stabilize and keep solvent these programs for future generations. The entitlement course that we are currently on is unsustainable. Social Security, Medicare, and Medicaid have been vital components for millions of Americans as they have found a happier retirement. However, over the next 75 years, these three programs represent a $42 trillion unfunded mandate for the American taxpayer. The Social Security trust fund faces a $4 trillion unfunded commitment and will pay out more money than it takes in beginning around 2017. The fund will be exhausted by 2041. The Medicare Part A trust fund--hospital insurance--faces an almost $9 trillion unfunded commitment and will be exhausted by 2020.…”