Manchin Calls for Bipartisan Deal on Social Security, Medicare, Medicaid

Sen. Joe Manchin, D-W.Va., called Thursday for a bipartisan deal to protect the solvency of Social Security, Medicare and Medicaid, programs that face potential serious funding problems.

"You're going to get your financial house in order. We cannot live with this crippling debt," Manchin told Fortune's Alan Murray at a CEO conference. 

When asked if he sees areas of potential compromise in the next Congress, Manchin responded: "If we don't look at the trust funds that are going bankrupt, whether they be Medicare, Medicaid, Social Security, highway, all the ones — there are tremendous problems right now. If we can't come to grips of how we face the financial challenge that this country has, then we're all going to be paying a price that we can't afford."

The Social Security Administration said last year that it is not projected to be able to fund the program's full benefits past 2033. Manchin proposed earlier this year to address the problem by increasing the amount of income subject to taxation for funding Social Security from $147,000-$400,000.

Manchin told reporters last year that "My big concern right now is the 2026 deadline [for] Medicare insolvency and if no one's concerned about that, I've got people — that's a lifeline. Medicare and Social Security is a lifeline for people back in West Virginia, most people around the country."

Manchin urged the audience at the CEO conference to stop making donations to members of Congress without solid commitments to improve the country's governance in return, telling them to "quit writing checks to everyone."

While successful CEOs build good companies because they expect a return on their investment, they will write checks to members of Congress with no substantial commitment, Manchin noted, saying that "The investments you've made in politics from the Democrat side and the Republican side by asking nothing in return is a foolish investment.

"Why don't you do this? Tell a politician when they come to you, say, 'Listen, I'm sorry I don't give checks, I don't give a donation or contribution to any politician, but I'm willing to make an investment. What should I expect from you? What are you going to do?'"

Manchin also noted that, by supporting candidates and politicians that are happy to let there be gridlock in D.C., donors are "giving checks to bad behavior."

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