WASHINGTON - Medicare and Social Security trust funds will run out of money in 2017 and 2037, respectively - two to four years earlier than previously projected - because of the recession, trustees concluded in annual reports sent to Congress.

The reports were released yesterday after President Obama met with major health care providers Monday to secure a commitment to reduce health care costs by more than $2 trillion. Treasury Secretary Timothy Geithner also issued a statement on the reports saying the president "rejects the notion that Social Security is untouchable politically" and "will work to build a bipartisan consensus" on reform.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.