WASHINGTON (AP) — As the U.S. recovery slowly gathers steam, federal deficits are finally coming down from their nosebleed $1-trillion-plus heights. That will postpone until fall a new budget showdown between Congress and the White House — and also will probably delay the days of reckoning, feared by millions of aging Americans, when Social Security and Medicare could become insolvent.
Why does it matter? If those programs' money dries up, benefits must be reduced.
Some answers on future financial prospects should come Friday when trustees overseeing the two popular programs issue their annual report. Last year they projected that Medicare funds would run dry in 2024 and Social Security's trust funds would follow in 2033.
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