In January, we wrote a blog detailing how some economic experts were pushing President Barack Obama to outline a plan for Social Security program expansions.
Apparently, Obama listened. According to the Huffington Post, Obama has proposed his 2016 fiscal budget and called for Congress to shift payroll tax revenue to prevent looming benefit cuts. As we have reported, Social Security Disability Insurance (SSDI) funds could run out in 2016, potentially resulting in a 20 percent payment cut to beneficiaries.
In the past, funds were reallocated between SSDI and the Old Age and Survivors Insurance program. However, earlier this year, the GOP-led House approved a parliamentary rule presenting obstacles to the reallocation of money between the programs.
Keep in mind, any budget proposal will need to be approved by Congress. Even though Obama has outlined a fiscal plan, it will still need support.
“In light of how economically vulnerable those who receive [SSDI] benefits are, that rebalancing should be enacted sooner rather than later, to avoid frightening those beneficiaries about whether their full benefits will be paid on time,” said Nancy Altman, co-director of Social Security Works, according to the Post.
The Post has an electronic copy of the SSDI section of the proposed budget, which can be viewed by clicking here.
How Can I Obtain SSDI Benefits?
While the debate over SSDI funding continues to linger on, it should not stop a person from attempting to qualify for benefits if he or she is truly disabled.
For more information about the SSDI process, you can visit our Social Security FAQ page. Essentially, to obtain SSDI benefits, you must suffer from a disability that is expected to last longer than 12 months and could result in death.
Continue to follow our blog for more information about the funding debate.
Troutman & Troutman, P.C. – Tulsa Social Security disability attorneys