Durbin: Medicare will run out of money in 10 years

By WEEK Reporter

April 11, 2013 Updated Apr 12, 2013 at 1:12 PM CDT

WASHINGTON, D.C -- U.S. Senator Dick Durbin says President Obama's proposed budget-- while late-- is an honest budget.

The nearly $4 trillion spending plan includes cuts in Social Security and Medicare, as well as tax increases for the wealthy.

Republicans are against more taxes and liberals say reducing funds for Social Security and Medicare don't help the middle class.

Durbin says the budget can't be balanced solely on the wealthy, but they can pay their fare share.

But if nothing is done to Medicare now, it runs out in 10 years.

"Almost 50 million americans relying on medicare for health insurance and it runs out of money. It's finished," says Sen. Dick Durbin, Assistant Majority Leader. "That's unacceptable. We need to do it today. Look what's going on in springfield. They're debating about public pensions and for 20, 30, 40 years, folks have said wait until next year. Well you can't wait any longer in Springfield and we shouldn't wait when it comes to the future of medicare."

Durbin adds that he is pleased the president included funding to get the Thomson Prison in Illinois up and running again. He says it will create hundreds of jobs for the state.