John Cornyn: “I wish to speak briefly today about Medicare, about the law, and specifically a law that Congress passed in 2003 which…”

“I wish to speak briefly today about Medicare, about the law, and specifically a law that Congress passed in 2003 which provided for something called the Medicare trigger. This provided that when the Medicare trustees would indicate that a Medicare funding warning should issue according to that law, then the President of the United States under that law must, within 15 days, submit to Congress proposed legislation to respond to that warning. What does all this mean? We know the Medicare trustees made the situation clear that Medicare will run out of money by the year 2024. Medicare's unfunded liabilities are more than $24 trillion and growing. In other words, there is a $24 trillion gap between the promises the U.S. Government has made to seniors and the funding to pay for it. Of course, as the Chief Actuary stated, this is actually an optimistic scenario, that we can fund Medicare through 2024. The President of the United States has failed to comply with this law duly passed by Congress and signed into law. I do not really know why the President has failed to meet this legal responsibility of the law. I hope it is an oversight, and I hope it is one he will correct shortly. Having no plan while the President has criticized the House for the plan they passed is bad enough, but failing to submit a plan when the President of the United States is required to do so by law is a violation of the law, something the President has taken an oath to uphold.…”