Biden's New Medicare Financing Plan

The video discusses Medicare in the context of debt ceiling negotiations. President Biden proposes raising taxes on high earners and closing loopholes to extend Medicare's solvency to 2050. He also aims to reduce the deficit by $2 trillion over 10 years. The Democrats have presented their budget, but Republicans have yet to specify their cuts. The negotiations are expected to intensify as the debt ceiling deadline approaches, with potential implications for a US default.

What is one of the key changes President Biden proposes for Medicare?

• Eliminating Medicare entirely

• Reducing government negotiation power with pharmaceutical companies

• Increasing taxes on those earning $400,000 or more

• Lowering taxes for all income groups

By how much does President Biden aim to reduce the deficit over ten years?

• $1 trillion

• $2 trillion

• $500 billion

• $3 trillion

What is the projected extension of Medicare's solvency with the proposed changes?

• Until 2030

• Until 2040

• Until 2060

• Until 2050

What is the current status of the Republicans' proposal regarding Medicare?

• They have rejected any changes to Medicare

• They have agreed with the Democrats' proposal

• They have not provided any specifics

• They have detailed their specific cuts

What is the potential consequence if the debt ceiling is not addressed?

• The US will go into default for the first time

• The US will increase its credit rating

• The US will experience economic growth

• The US will reduce its deficit automatically