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, beneficiaries would get cuts in their cost of living adjustments.
In the last day, Democratic Congressman-elect Mark Takano (CA) joined progressive organizations and Democratic Reps. Nadler (NY), Conyers (MI), Lee (CA), Johnson (GA), Edwards (MD), Schakowsky (IL), Grijalva (AZ), Rangel (NY), and Ellison (MN) and Democratic Sens. Durbin (IL), Brown (OH), and Merkley (OR) in opposing this idea. This morning, newly-elected Congressman Jared Huffman (D-CA) made his thoughts clear in a statement to us:
“I do not support reducing Social Security benefits or raising the Medicare eligibility age, nor do I support giving ground on the upper income tax rate. I will be disappointed if these items are part of a fiscal cliff deal. Instead of targeting seniors and the poor while giving more tax concessions to those who don’t need them, the House should simply vote on the bipartisan middle class tax cut already passed by the Senate, and then focus spending reductions on our over-sized military budget and cuts that do not hurt struggling families, like the huge subsidies for the oil industry.”
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