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Sobering report from trustees of Social Security, Medicare

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    Ed Henry reports from the White House

  • Duration 2:32
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America's social safety net may be unraveling.

New projections are out for Medicare and Social Security.

Chief White House correspondent Ed Henry looks at what they mean for you and the presidential election.

With the votes of senior citizens on the line in November President Obama got some sobering news today from the trustees of social security and Medicare.

Sour economy and soaring energy prices are hitting Social Security's finances hard.

It's disability trust fund which -- eleven million Americans will run Bryant 40162.

Years sooner than expected.

That shortfall will be covered by Social Security separate retirement trust fund for a while though both trust funds will now be depleted by 2033.

Three years earlier than projected -- these reports emphasized the importance of building consensus on reforms.

There will put these programs on the sounder financial footing for the future.

Mitt Romney the presumptive Republican nominee is making the case the president has -- over three years to build that consensus when they had a super majority in the house.

And a super majority in the senate and the White House what do they do about.

Social Security.

Medicare and Medicare top administration officials today touted better news sort of the trustees found Medicare is going broke in 20/20 four which is only good news in the sense that dire prediction is unchanged from last year.

Giving the White House another chance to tee off on Republican house budget chairman Paul Ryan's plan to change Medicare.

We will not support proposals that sow the seeds of their destruction.

In the name of reform.

-- that shift the cost of health care to seniors in order to -- tax cuts.

For the most fortune Americans pressure is building however on the president over charges Medicare is wasting eight billion dollars a year.

And a new program that investigators say gives providers bonuses for mediocre care.

In a separate new report today the Government Accountability Office urged the program be canceled though the White House insisted otherwise.

This concentration project we believe is important to.

Increasing the efficiency of the Medicare Advantage plans.

You know we just had a disagreement about this.

President heading out tomorrow on a two day swing to push his plan to keep interest rates low on student -- a big substantive issue but also a major campaign push.

All three states he's visiting North Carolina Colorado and Iowa.

Just so happened also be major election battlegrounds right.

-- -- and Harry lot of north lawn Ed thank you house speaker John.

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