Rep. Richard McCormick (R-GA) recently shared his views with Fox Business, stressing that Republicans will need Democratic support if they intend to cut Social Security and Medicare. These programs have historically been supported by Democrats, making bipartisan cooperation essential to any potential reductions.
McCormick’s comments come amid President-elect Donald Trump’s plan to extend and potentially expand tax cuts aimed at the wealthy and corporations. The cost of these cuts is already in the trillions, with experts estimating that expanding them could cost the country nearly $5 trillion. With such significant tax cuts on the horizon, the government will face an urgent need to find funding for other major initiatives, such as Trump’s proposed mass deportations.
One of the key figures in the new Department of Government Efficiency, which is tasked with reducing spending, is Elon Musk. Alongside businessman Vivek Ramaswamy, Musk’s role in cutting costs could collide with Trump’s ambitious plans. Mass deportations and substantial tax cuts will place a heavy burden on the nation’s finances, demanding that the government make tough choices on spending priorities.
The U.S. Treasury Department revealed that the country spent $6.75 trillion in the 2022 fiscal year, highlighting the scale of the challenge. Trump’s tax cuts and mass deportations could add a financial burden almost as large as the entire annual government budget.
During his Fox Business interview, McCormick emphasized the need to make difficult decisions ahead of time. “We’re gonna have to have some hard decisions,” he said. “We’re gonna have to bring in the Democrats to talk about Social Security, Medicaid, Medicare. There are hundreds of billions of dollars to be saved, we just have to have the stomach to take those challenges on.”
Although Trump promised during his 2024 campaign that there would be no cuts to Social Security or Medicare, a report from CNN in October indicated that some of his proposed policies could result in significant cuts to Social Security over the next six years. These proposals raise concerns about the future of these vital programs and whether bipartisan cooperation will be enough to balance the nation’s budget without compromising essential services.