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U.S. will 'bond out' to cover Social Security, Medicare gaps under Trump's tax order: Kudlow

Published 08/11/2020, 12:06 PM
Updated 08/11/2020, 12:10 PM
© Reuters. Larry Kudlow participates in coronavirus economic "relief update" virtual event at the White House in Washington

WASHINGTON (Reuters) - White House Economic Adviser Larry Kudlow said on Tuesday the U.S. government will borrow funds to cover any Social Security and Medicare shortfalls that may arise under President Donald Trump's executive order allowing businesses to defer paying the payroll taxes that support the programs.

"We will bond out any additional money as we always do. The Treasury - we work through general revenues and issued non marketable securities to this even with forgiveness," he said, adding that "it's a very manageable number" and at this point time "we're not ending the tax."

Latest comments

What will the deferred payroll tax really mean, no tax now for some then it will double in the future to recover all the deferred payments. All smoke and mirrors as deferral just means pay later.
Disgusting liar. Get a good criminal lawyer, Larry, and stay off the coke. You're going to need one.
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