Experts warn of Social Security and Medicare reform as US debt default looms.
Experts suggest that the ongoing debt ceiling negotiations may not include long-term fixes for the nation's fiscal woes, which could include Social Security and Medicare reform. The debt held by the public as a share of GDP is near 100%, and the CBO projects it could climb to 118% of GDP by 2033. To address spending, experts suggest curbing excess Medicare spending and building automatic adjustments into Social Security. Both programs could be in the crosshairs if the government hits the debt ceiling and is forced to choose among its obligations.