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. 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”:
a�?I dona��t like it at all,a�? said Rep. James McGovern (D-Mass.).
a�?A terrible idea,a�? said Rep. and Sen.-elect Chris Murphy (D-Conn.).
a�?We dona��t like the chained CPI,a�? said Rep. Gerry Connolly (D-Va.).
a�?We dona��t like it,a�? said Rep. John Garamendi (D-Calif.). a�?Why are you hurting the vulnerable seniors?a�?
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 Obamaa��s chained CPI proposal Tuesday, with Sen. Carl Levin (D-Mich.) saying the provision would be a�?a problem for Democratsa�?; Sen. Ben Cardin (D-Md.) warning that hea��ll a�?fight harda�? to keep Social Security out of the fiscal-cliff package; and Sen. Jay Rockefeller (D-W.Va.) saying the White House move a�?doesna��t warm my heart.a�?
a�?I dona��t care if they spread it over a whole bunch of years. The whole understanding has been that we wouldna��t do Social Security,a�? Rockefeller said. a�?That was for later.a�?
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