Tuesday, May 7, 2013

Democrats Break With Obama on Social Security

...In his most recent budget proposal, Obama included a measure to reduce the cost-of-living adjustment related to senior and veterans benefits as a compromise offer to Republicans. He had already put so-called chained CPI on the table during both debt ceiling and fiscal cliff negotiations with House Speaker John Boehner (R-Ohio), and defended his move this time by emphasizing it was a reform "championed by Republicans leaders in Congress" that would only be made in exchange for new tax revenues... 
...Democratic Sens. Kay Hagan (N.C.), Mark Begich (Alaska) and Mark Pryor (Ark.), all running in states won by Republican Mitt Romney in 2012, have publicly opposed the president's effort, going so far as to co-sponsor a Senate resolution against chained CPI last week. Sens. Al Franken (D-Minn.), Jeff Merkley (D-Ore.), Jack Reed (D-R.I.) and Brian Schatz (D-Hawaii), running in bluer states, also co-sponsored the resolution. 
"Adequate annual Cost of Living Adjustments are critical for the millions of Americans who rely on these benefits to make ends meet," Sen. Tom Harkin (D-Iowa), who introduced the resolution, said in a statement. "The truth is that the way we currently calculate COLAs is already inadequate to keep up with rising medical costs. The Chained CPI would take us even further in the wrong direction by directly cutting benefits for millions of Americans. This resolution expresses our steadfast opposition to doing so..."

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