There are now multiple press reports that President Obama will agree to a fiscal deal that enacts a so-called “Chained CPI” to calculate Social Security and veterans’ benefits. Under this plan, “a person age 75 in the future will get a yearly benefit that’s $653 lower after ten years of chained CPI than that person would get under the current formula. An 85-year-old will have $1,139 less to live on.” This represents a huge cut to benefits.
Congressman-elect Mark Takano (D-CA) issued a statement this morning re-iterating his belief that he opposes any cuts to Medicare, Medicaid, or Social Security benefits:
“As I’ve been preparing to come to Washington, I’ve kept a close eye on the ‘Fiscal Cliff’ negotiations that are underway between President Obama and Speaker Boehner.
Recent reports have indicated that while Speaker Boehner has conceded that tax rates will increase for the wealthiest Americans, there is significant discussion about reforming key entitlement programs.
During my campaign, I told the voters that I would oppose any cuts or fundamental changes to Medicare, Medicaid and Social Security and I continue to stand by that. We shouldn’t be using a budgetary crisis, created by Republican obstructionism, to undermine the promise we’ve made to our seniors. We cannot balance the budget on the backs of the America’s most vulnerable citizens.”
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