Treasury Says Social-Security Cuts Would ‘Decimate’ Retirees (1)

A senior US Treasury official warned Tuesday that cuts to Social Security and Medicare would “decimate” the standard of living for American retirees.

“These programs are the cornerstone of the American retirement system, and it is difficult to imagine either program sustaining substantial cuts in resources without dramatically impacting millions of beneficiaries,” Ben Harris, the Treasury’s assistant secretary for Economic Policy, said at an event in Washington.

While Harris didn’t mention the looming political battle, his remarks came as GOP lawmakers and the Biden administration are headed for a showdown over the government’s legal borrowing limit. Republicans have ...