Presumptive Republican presidential nominee Donald Trump stirred controversy on Monday by suggesting the possibility of "cutting" spending on Social Security and Medicare, prompting a swift response from President Joe Biden and thrusting a crucial policy debate into the spotlight for the 2024 election.

During a call to CNBC's "Squawk Box," Trump faced questions about addressing the long-term solvency issues of Social Security, Medicare, and Medicaid.

When asked how he would resolve the long-term solvency problems of Social Security, former President Trump responded that “there is a lot you can do in terms of entitlements, in terms of cutting,” drawing swift criticism from President Biden’s campaign. https://t.co/8qcq53LPQb

— NBC News (@NBCNews) March 11, 2024

The remarks

"In terms of entitlements, there is a lot you can do in terms of cutting," Trump stated. "And in terms of the theft and the bad management of entitlements, there’s tremendous amounts of things and numbers of things you can do."

However, Trump did not delve into specific details regarding how he would modify the retirement programs.

A Trump campaign spokesman clarified that Trump was referring to "cutting waste and fraud" but did not elaborate on the policy measures or potential savings.

The Biden response

Biden swiftly responded to Trump's remarks during a speech in New Hampshire, stating, "Not on my watch." He pledged to oppose any attempts to cut Social Security or Medicare, emphasizing his commitment to protecting these programs.

Social Security is projected to remain solvent until 2034, while Medicare is forecasted to remain solvent until 2028. Without policy adjustments to increase revenue or decrease spending, automatic benefit cuts could occur after these dates.

White House spokesman Andrew Bates echoed Biden's stance, warning against potential benefit cuts to Medicare and Social Security. He emphasized Biden's commitment to opposing such cuts in his budget proposal.

Trump's latest update

In contrast, Trump's campaign spokeswoman asserted that Trump had fulfilled his promise to safeguard Social Security and Medicare during his first term and would continue to do so if re-elected. She suggested that Biden's immigration policies posed a greater threat to these programs.

Democrats are unified in their opposition to retirement benefit cuts, with progressives advocating for expanding Social Security benefits and enhancing Medicare coverage.

Biden's budget proposal includes measures to strengthen Medicare by increasing taxes on high-income earners and directing the revenues into the hospital insurance trust fund.

It also aims to bolster Social Security by requiring the highest-income Americans to contribute more.

While some House GOP lawmakers support proposals to reduce spending on entitlement programs, Trump has not outlined a specific plan for Social Security or Medicare, though it's clear he plans to focus on Americans first in contrast with Biden's agenda.