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Geithner: Need consensus to tackle Social Security
WASHINGTON |
WASHINGTON (Reuters) - U.S. Treasury Secretary Timothy Geithner on Tuesday said that the Obama administration wants to find a political middle-ground for dealing with the Social Security Trust Fund, which will be exhausted by 2037.
"The President explicitly rejects the notion that Social Security is untouchable politically and instead believes there is opportunity for a new consensus on Social Security reform," Geithner said at a press conference.
Earlier, trustees of the Social Security and Medicare retirement and health programs said Social Security would be exhausted by 2037 and the Medicare hospital trust fund would be insolvent by 2017.
He said health-care reform was "central" to the administration's plans but after that it would be prepared to tackle Social Security reform.
(Reporting by Glenn Somerville; Editing by Theodore d'Afflisio)
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