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.
The plan is drawing the ire of Democrats in Congress. Senator-elect Chris Murphy (CT) said the plan is a "terrible idea," joining several others in denouncing it, including Sen. Jay Rockefeller (D-WV) who quipped, "It doesn't warm my heart":
“I don’t like it at all,” said Rep. James McGovern (D-Mass.).
“A terrible idea,” said Rep. and Sen.-elect Chris Murphy (D-Conn.).
“We don’t like the chained CPI,” said Rep. Gerry Connolly (D-Va.).
“We don’t like it,” said Rep. John Garamendi (D-Calif.). “Why are you hurting the vulnerable seniors?”
Any fiscal-cliff deal brokered between Boehner and Obama will need a significant amount of Democratic support to pass the House, because Tea Party lawmakers are expected to reject such an agreement.
Several Senate Democrats also hammered Obama’s chained CPI proposal Tuesday, with Sen. Carl Levin (D-Mich.) saying the provision would be “a problem for Democrats”; Sen. Ben Cardin (D-Md.) warning that he’ll “fight hard” to keep Social Security out of the fiscal-cliff package; and Sen. Jay Rockefeller (D-W.Va.) saying the White House move “doesn’t warm my heart.”
“I don’t care if they spread it over a whole bunch of years. The whole understanding has been that we wouldn’t do Social Security,” Rockefeller said. “That was for later.”
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