Social Security is actually [very simple]…. Here’s how Social Security works: every month we take in taxes from working people and every month we turn around and distribute those taxes to retirees. That’s it. That’s how it works, and everyone who actually knows anything about the program knows that’s how it works. Taxes come in, benefits go out. And the key to solvency is simple: making sure that those taxes and benefits are in balance.

Today the President called Texas Governor Rick Perry to express his concern for citizens of Texas impacted by the unprecedented fires. During the call the President extended his condolences for the lives that have been lost as a result of these events, and made clear that the federal government, through DHS/FEMA and the U.S. Forest Service, will continue to make federal assistance available to state and local officials as they fight the fires. The President also assured the Governor that requests for additional assistance, including as recovery begins, would be quickly assessed. Following the call, the President directed his national security staff to continue to work closely with FEMA, the Forest Service and the State of Texas to ensure we were making all resources available. Over the last several days, at the request of the Governor, the Administration has granted eight Fire Management Assistance Grants, making federal funds available to reimburse eligible costs associated with efforts to combat the fires. FEMA is actively working with state and local officials to conduct damage assessments and to identify areas where additional federal assistance may be warranted.