New Delhi, June 9 -- While the US Social Security payment for June will follow a normal schedule with the first payment disbursed on 10 June, a new report is now drawing renewed attention to the financial outlook of the Social Security system.

According to the Committee for a Responsible Federal Budget (CRFB), Americans could face significant reductions in their benefits if Congress fails to address the programme's projected insolvency, with average monthly cuts exceeding $500 in several states, Capitol Skyline reported.

According to reports, the US Social Security system has been operating under increasing financial strain, and for the past 16 years, retirement costs from the system have exceeded the revenue collected through payroll t...