Reed signs name to Social Security protection bill

U.S. Rep. Tom Reed (R-Texas) joined Rep. Sam Johnson (R-Texas) on Monday in co-sponsoring an amendment that would prevent the Social Security Trust Fund from being used to cover shortfalls in the Social Security Disability Insurance Trust Fund (SSDI).

Trustees of the SSDI have warned that the SSDI could go bankrupt as early as 2016. Reed and many of his fellow lawmakers want to make sure that monies from the Social Security Trust Fund are not used to bail out the SSDI.

“That is unacceptable,” Reed said. “Anyone who cares about finding a fair solution for both the catastrophically disabled who depend on SSDI and senior citizens who depend on Social Security knows that we must find a long-term solution, which protects both of them, rather than a short term Band-Aid, which threatens them both.”

The bill would prevent any such bail outs, requiring Congress to search for a resolution that would not create more financial stress.

“I raised this issue nearly a year ago when Treasury Secretary Jack Lew was in front of the Ways and Means Committee,” Reed said. “The Obama administration has no solution except to take funds from Social Security itself. Social Security retirement funds have been raided far too many times for far too many years. My intention by doing this is to force us to look for a long-term solution for SSDI rather than raiding Social Security to bail out a failing federal program. Retired taxpayers who have paid into the system for years deserve no less.”