Congressional Budget Office Forecasts Social Security Shortfall in 2011

According to the Congressional Budget, Social Security will post a $45 billion shortfall in fiscal 2011 year. According to the same report, Social Security will pay out more in benefits than it accepts in payroll taxes through at least 2021.

The Congressional Budget office announced the report in its bi-annual assessment of the United States budget. The CBO is a non-partisan office, which provides an economic analysis to the Congress. The office states the deficits would total $547 billion from 2012 to 2021.

The CBO forecast excludes transfers into the program from interest and other payments. According to the CBO, the weakest part of the current Social Security program is Social Security disability payments. The office forecasts that fund will deplete in 2017, if it continues without any legislative changes.

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