Social Security trust funds will become exhausted in 2043 so that full benefits can no longer be paid to retirees, the Congressional Budget Office warned in a new report issued yesterday.

"As the baby boom generation (people born between 1946 and 1964) continues to age, growth in the number of Social Security beneficiaries will pick up, and outlays will increase much faster than revenues," stated the report, "CBO's Long-Term Projections for Social Security: 2009 Update."

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