Rep. Jerry Nadler (D-NY)

There are now multiple press reports that President Obama will agree to a fiscal deal that enacts a so-called a�?Chained CPIa�? to calculate Social Security and veteransa�� benefits.A�Under this plan, a�?a person age 75 in the future will get a yearly benefit thata��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.a�? This represents a huge cut to benefits.

Progressive Rep. Jerry Nadler (D-NY) objects to this move, and released a statement to make clear that will not support such a deal:

a�?Social Security is one of the bedrocks of our middle class society and is an essential safety net for millions of American seniors and their families.A� Millions and millions of Americans rely on Social Security benefits for medical care, food, housing, and other essentials.A� We cannot allow a move toward chained CPI that would result, over time, in substantial cuts in benefits.

a�?We must not force our senior citizens to dig further into their savings to fill the hole left by unnecessary and irresponsible cuts to Social Security.A� It is unconscionable for Republicans to ask seniors and others who can least afford it to sacrifice even more in order to continue giving tax cuts to the wealthiest Americans.A�A�I do not support any deal that cuts Social Security, Medicare or Medicaid benefits.a�?