Romney said he would like to cut retirement benefits for younger Americans. If the US didn't take action, it could find itself in a heap of trouble. Republicans still want to cut Medicare and Social Security benefits. Romney said he would favor cutting retirement benefits for younger Americans in order to keep safety net programs going. If we are ever going to get a handle on our debt, we will have to find a way to increase revenue or adjust our long-term benefits not for current retirees. We need to find a way to balance these programs or we will find ourselves in a heap of trouble, he said. Social Security and Medicare are two safety-net programs that provide benefits to retirees. A request for comment was not immediately responded to by Romney's office. Restructuring Social Security and Medicare benefits was supported by many Republicans. Conservatives seek to rein in federal spending and those programs make up around 40% of the budget. The Republican Party has long called for trimming Social Security and Medicare, but President Donald Trump broke with that tradition by campaigning on preserving those programs. The debt grew under the Trump administration because of tax cuts and spending increases. There are still calls to cut Medicare and Social Security benefits. The House Republican Study Group released a budget last year that called for spending cuts and no tax increases. The eligibility age for Medicare would go from 65 to 69. The retirement age for Social Security would rise to 69 by 2030. Social Security won't be able to pay out full benefits until 2034 when the trust fund is exhausted, according to experts. The trust fund for the Medicare hospital won't be able to cover its financial obligations sooner. Both sides of the aisle have little appetite to address it. Shalanda Young, director of the Office of Management and Budget, said at the hearing that the president is not going to cut those benefits. 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