Sen. Corker: $1T in Entitlement Reform for Debt Ceiling Hike
If you’re in debt, and someone says they will offer you a sum of money but then will take the same sum of money away, nothing has changed, and you’re still in debt, correct?
Tell that to Sen. Bob Corker, who brought a bill to the Senate that would trade roughly $1 trillion in entitlement savings if the exact same amount were added to the debt ceiling.
Corker calls his plan the Dollar for Dollar Act. It assumes savings of $937 billion from Medicare, Medicaid, and Social Security while adding the same amount to the debt ceiling.
Corker’s plan would have the following aspects:
Raising the eligibility age for Medicare
Means-testing so the wealthy pay more for their coverage
Putting in place a chained Consumer Price Index for Social Security
A waiver program for states for Medicaid coverage