The White House says it is dropping a proposal that would have lowered the cost-of-living adjustments for Social Security and other government social programs, according to published reports.
One fiscal crisis is winding down, but another round of budget negotiations looms. And that could mean Social Security and Medicare cuts will again be part of the conversation.
It's news these days that the President has dinner with members of Congress. Had President Obama enjoyed more meals or even an occasional beverage with some members of Congress in both parties, he might have found out that putting the Chained CPI in his budget could derail his entire legislative agenda because of the passions roused in both Democrats and Republicans against the proposal.
Yesterday, the President included Social Security cuts in his budget through a proposal called the "chained CPI". Let's take a minute and break down exactly what that means:
We knew it was coming. Still, now here, it's causing quite a stir. President Obama's new budget proposes a change in the formula for Social Security cost-of-living adjustments.
The GOP-controlled House of Representatives approved a budget proposal first. Then came a very different document from the Democratic-controlled Senate. Now thousands more pages of numbers will land with a thud on Capitol Hill on April 10.
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