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The head actuaries for Social Security and Medicare have testified before a House committee about looming financial challenges which could see funds run short by 2035. Social Security relies on its trust funds to provide monthly benefit checks to around 70 million Americans. But an aging population is pushing up the cost of the program as a smaller share of people are paying into it, and spending is outpacing income. This means that if the funding gap is not resolved by Congress, future beneficiaries could receive over $300 less per month.