But a separate report for Medicare paints a somewhat bleaker outlook for the giant health program for seniors and people with disabilities, estimating that its hospital trust fund will dry up in 2026 - three years earlier than last year's projections.
Tuesday's projections are the first since the US Congress passed major tax cuts championed by President Donald Trump in December.
However, as now projected, it is highly unlikely that economic growth absent larger reforms could solve the programs' huge budget quagmire.
"The HI fund again fails the test of short-range financial adequacy, as its trust fund ratio is already below 100% of annual costs, and is expected to decline continuously until reserve depletion in 2026", the report said.
Finances for Social Security and Medicare, two linchpins of the U.S. social safety net, worsened a year ago, according official projections released Tuesday.
Still, tax collections would be sufficient to pay about three-fourths of promised benefits for a half-century.
And for the first time since 1982, Social Security costs will exceed the money being put into it this year.
"Social Security and Medicare are the federal government's two largest programs, and millions of Americans heavily rely on their benefits". Nor has he endorsed higher taxes to finance the programs, as some Democrats have suggested.
Instead they'll just have to learn to get by on about three-quarters of the benefits.
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But in a statement, Treasury Secretary Steve Mnuchin says the government's economic agenda will generate the long-term growth needed to help stabilize both Medicare and Social Security.
Before the Affordable Care Act was passed, the trustees had projected the Part A trust fund would run dry this year. Social Security and Medicare account for 42% of all federal spending.
Treasury Secretary Steven Mnuchin said in a statement that there's time to fix the problems.
The Centers for Medicare and Medicaid Services (CMS), however, said President Trump's fiscal 2019 budget would strengthen "would strengthen the fiscal integrity of the Medicare program". Medicare "is on track to meet its obligations to beneficiaries well into the next decade".
Higher deficits would leave less maneuvering room for policymakers when the day of reckoning finally arrives for Social Security and Medicare. Charles Schumer of NY, the Democratic leader.
Challenges for both programs are exacerbated by the aging of the baby boomer population, without an equivalent proportion of workers available to replace them in the workforce.
In 1960, there were about five workers for every Social Security beneficiary.
Medicare's problems are widely seen as more hard to solve. The number of Medicare beneficiaries is expected to surge to 89 million in 2040 from 60 million today, according to Medicare actuaries. It has added 7 million people since 2013. That works out to about $31 a month.
At the same time, the monthly Medicare "Part B" premium for outpatient care paid by most beneficiaries is projected to rise by about $1.50, to $135.50.