Trump floats 'cutting' retirement spending, drawing quick pushback from Biden

Presumptive Republican presidential nominee Donald Trump opened the door Monday to “cutting” spending under Social Security and Medicare, drawing swift pushback from President Joe Biden and elevating a key policy battle in the 2024 election.

Phoning into CNBC's "Squawk Box," Trump was pressed on how he plans to resolve the long-term solvency problems of Social Security, Medicare and Medicaid.

“So first of all, there is a lot you can do in terms of entitlements, in terms of cutting,” Trump responded. “And in terms of, also, the theft and the bad management of entitlements — tremendous bad management of entitlements — there’s tremendous amounts of things and numbers of things you can do.”

The former president didn’t get specific about how he'd change the retirement programs. A Trump campaign spokesman said he was referring only to “cutting waste and fraud,” but did not provide additional policy details on how he’d go about that or how much can be saved.

Biden’s campaign tweeted out the video and the president responded quickly: “Not on my watch.”

Social Security is projected to be solvent through 2034. Medicare is solvent through 2028. After that, benefits under the programs will face automatic cuts unless policy changes are made to add revenue or reduce spending.

Biden has ruled out benefit cuts to the programs. In his State of the Union speech last week, Biden said he'd "protect and strengthen Social Security and make the wealthy pay their fair share."

"If anyone here tries to cut Social Security or Medicare or raise the retirement age, I will stop you," Biden said, presenting the 2024 election as a choice between his plan versus cutting Social Security to "give more tax breaks to the wealthy."

“As the President just