Chairman Graham, Ranking Member Merkley, and Members of the Committee, thank you for the opportunity to testify today.
The Congressional Budget Office projects that the trust fund for Social Security's Old-Age and Survivors Insurance program will be exhausted in 2032. At that time, benefits provided to retired workers, their eligible dependents, and some survivors of deceased workers will be reduced under current law. In this testimony, I will provide some context about the program's finances, explain the payable-benefits scenario for trust fund exhaustion that CBO evaluated, provide results under that scenario, and discuss the uncertainty of the projections.
