Social Security and Medicare finances look grim as overall debt piles up

New estimates are expected Monday to paint a dire picture of the budget outlook for Social Security and Medicare, the massive federal programs for seniors, threatening future benefits and putting fresh pressure on Congress to address the nation’s deteriorating financial health.

Especially since the pandemic, the federal debt has skyrocketed, even as an aging population is placing increasing demands on retirement services. Meanwhile, Congress is contemplating how to find trillions of dollars to avoid widespread tax hikes when the 2017 Trump tax cuts expire next year.