The big news out of Washington is that the Social Security and Medicare Trust funds are in worse shape than we thought. According to the Medicare Trustees' report released yesterday, we're going to exhaust Medicare by 2017 unless we take immediate action.

This is worrisome news for the millions of senior and disabled Americans who rely on Medicare for essential health care. But, it can also serve as an important wake-up call for Congress - a reminder that health care reform cannot wait.

HHS Secretary Kathleen Sebelius had this to say in a statement yesterday:

We are working with Congress on legislation that includes and goes beyond the cost-savings policies in the President's budget. The only way to slow Medicare spending is to slow overall health system spending through comprehensive and carefully crafted legislation.

But we cannot do it alone. Yesterday the President stood with the health care leaders from the private sector who have come together to pledge to cut health care spending by $2 trillion over 10 years, which would result in savings of $2,500 for a family of four.

Medicare is central to the effort to promote high-quality, affordable health care for all Americans. As the nation's largest insurer, its success will both improve the lives of seniors and disabled beneficiaries and set the standard for other insurers. But we know that its success in becoming a strong and sustainable program depends on our ability to fix what's broken in the rest of the system. When previously uninsured Americans join Medicare, they are less healthy and cost the system more. Giving the uninsured coverage before they join Medicare will improve their quality of life and save money for Medicare.

If we fail to take action, health care costs will only get worse and Medicare spending will increase. Businesses will see more of their profits consumed by health care. Families will continue to struggle.

We know that bending the cost curve is an important component of health care reform, and key to strengthening Medicare.

And this report makes it clear: reform can't wait. All of us in the Administration look forward to working with Congress to make reform a reality.