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.
In an interview with The Washington Post’s Greg Sargent, Durbin said that we should take Social Security out of the fiscal negotiations:
In an interview with me this morning, Senator Dick Durbin, a top ally of the White House, told me he opposes including Chained CPI for Social Security in the final deal. He said it would be difficult for Democrats to support Chained CPI for Social Security if it ended up in the deal, though he said it was premature to say anything definitive about how they would vote.
“We ought to deal with Social Security in a separate conversation that is not part of deficit reduction,” Durbin told me. “To do it at this stage is the wrong way to go.”
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