Treasury Secretary Tim Geithner and Health and Human Services Secretary Kathleen Sebelius, who serve on the Board of Trustees of the Social Security and Medicare trust funds, released a new report on the fiscal condition of Social Security and Medicare.
Other board members include Labor Secretary Hilda Solis, Social Security Commissioner Michael Astrue, and Public Trustees Charles Blahous and Robert Reischauer. The trustees will hold a press briefing to discuss the release of the annual Trustees' Reports.
The report shows that the Social Security and Medicare Trust Funds will exhaust their funds earlier than projected. A major reason, according to economic analyists, is due to the recession and slower economic growth.