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WASHINGTON (AP) — President Barack Obama's proposed budget will call for reductions in the growth of Social Security and other benefit programs by including a proposal to lower cost-of-living adjustments to government social safety net spending, a senior administration official says.
The proposal attempts to strike a compromise with congressional Republicans on the Fiscal 2014 budget by combining the president's demand for higher taxes with GOP insistence on reductions in entitlement programs.
The official, who spoke on a condition of anonymity to describe a budget that has yet to be released, said Obama would reduce the federal government deficit by $1.8 trillion over 10 years.
A key feature of the plan Obama is proposing for the federal budget year beginning Oct. 1 is a revised inflation adjustment called "chained CPI." This new formula would effectively curb annual annual increases in a broad swath of government programs, but would have its biggest impact on Social Security.
Obama's budget, to be released next week, comes after the Republican-controlled House and the Democratic-run Senate passed separate and markedly different budget proposals. House Republicans achieved long-term deficit reductions by targeting safety net programs; Democrats instead protected those programs and called for $1 trillion in tax increases.
The reductions in growth of benefit programs, which would affect veterans, the poor and the older Americans, is sure to anger many Democrats. Labor groups and liberals have long been critical of Obama's offer to Boehner for including such a plan.....snip~
Official: Obama proposes cuts to Social Security
Looks Like Obama just got a bunch of Democrats highly upset with him. Here the Demos were running around talking about how Republicans wanted to go after Social Security. Which Ryan talked about but not in a way to tear down the Entitlement. Repubs were looking for the age to be pushed back due to people living longer and the advances in healthcare. Now who does this affect more? The Middle Class and Poor or the Rich? Who was talking about fairness? Thoughts?
The proposal attempts to strike a compromise with congressional Republicans on the Fiscal 2014 budget by combining the president's demand for higher taxes with GOP insistence on reductions in entitlement programs.
The official, who spoke on a condition of anonymity to describe a budget that has yet to be released, said Obama would reduce the federal government deficit by $1.8 trillion over 10 years.
A key feature of the plan Obama is proposing for the federal budget year beginning Oct. 1 is a revised inflation adjustment called "chained CPI." This new formula would effectively curb annual annual increases in a broad swath of government programs, but would have its biggest impact on Social Security.
Obama's budget, to be released next week, comes after the Republican-controlled House and the Democratic-run Senate passed separate and markedly different budget proposals. House Republicans achieved long-term deficit reductions by targeting safety net programs; Democrats instead protected those programs and called for $1 trillion in tax increases.
The reductions in growth of benefit programs, which would affect veterans, the poor and the older Americans, is sure to anger many Democrats. Labor groups and liberals have long been critical of Obama's offer to Boehner for including such a plan.....snip~
Official: Obama proposes cuts to Social Security
Looks Like Obama just got a bunch of Democrats highly upset with him. Here the Demos were running around talking about how Republicans wanted to go after Social Security. Which Ryan talked about but not in a way to tear down the Entitlement. Repubs were looking for the age to be pushed back due to people living longer and the advances in healthcare. Now who does this affect more? The Middle Class and Poor or the Rich? Who was talking about fairness? Thoughts?