"For some time, both CBO and the Social Security Trustees have projected that, if full benefits were paid under the formulas specified in current law, the program's spending would rise significantly during the coming decades. In contrast, total revenues for the program are anticipated to grow more slowly than outlays: The faster growth projected for total benefits than for total revenues means that a shortfall in the program's finances is expected to continue. Although both CBO and the Trustees project such a shortfall, they differ in their assessment of its magnitude. This testimony describes that difference and the major factors that contribute to it."

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