Gates reportedly prepared for his testimony with the help of Jake Greenberg, who previously was the Oversight committee's chief investigations counsel.
The trust funds backing Social Security face increased pressure, partly due to last year’s One Big Beautiful Bill Act.
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Inflation jumped to a three-year high in May as the Iran war continued to fuel higher energy prices.
David Kelly, chief global strategist at JPMorgan Asset Management, says there’s a good chance that May “will actually turn out to be the high-water mark for inflation in this cycle” as he examines what the CPI report means for Federal Reserve policy at the June meeting.
The president's comments came after U. S. forces on Tuesday evening launched strikes against Iran.