Sen. Corker: $1T in Entitlement Reform for Debt Ceiling Hike

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

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