A separate projection released on Tuesday showed it will become insolvent in 2034 - the same estimate as a year ago. Taken together, the trust funds for the two programs are projected to be depleted in 2034, the same as previous year.
Medicare's Board of Trustees blamed the earlier depletion forecast on expectations of lower payroll taxes and less revenue from taxing Social Security benefits, both the result of the tax overhaul signed by President Donald Trump previous year, according to a senior administration official.
For the first time since 1982, Social Security's cost is projected to exceed its total income this year, forcing the program to tap into its $2.9 trillion trust fund to cover benefit payments.
Total Medicare expenditures were $710 billion a year ago. As a result, asset reserves are expected to decline this year.
Medicare Part A's trust fund is funded through payroll taxes, split between employer and employee.
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Excluding federal debt payments, Medicare and Social Security together make up about 40 percent of total U.S. government spending. Some 45 million retirees and six million dependents receive Social Security benefits.
Treasury Secretary Steven Mnuchin said the latest report shows that Social Security and Medicare remain secure, but long-term problems persist.
"As in past years, the Trustees have determined that the fund is not adequately financed over the next 10 years", the report said. "The Administration's economic agenda - tax cuts, regulatory reform, and improved trade agreements - will generate the long-term growth needed to help secure these programs and lead them to a more stable path". Some combination of revenue increases and benefit changes could also eliminate the projected shortfall.
"The historical reluctance of lawmakers to reduce benefits for current beneficiaries means that each successive year of delay excludes another large cohort of baby boomer retirees from contributing to the solution, thereby reducing the numbers of those among whom the burden of balancing system finances must be spread", the two former trustees warned.
Democrats want to expand the safety net by spending more on health care and education. The report says that income still needs to increase faster than the economy to cover future growth.