Rep. Peter DeFazio (D-OR) opposes President Obama's proposal to cut Social Security and veterans benefits with a "chained CPI." In fact, he says that making no deal at all before January 2013 would be preferable. Here's why:
Rep. Peter DeFazio (D-Ore) was even more terse. He warned it is better to go over the cliff on Dec. 31 rather than reach an agreement that includes the Social Security cuts. DeFazio said the current CPI, though imperfect, is better than the chained CPI. He asked what motivation there is for Democrats to fight for what, in their eyes, is the worse deal.
"On Jan. 1, if we do nothing, seniors get a full COLA [cost-of-living-allowance] … and Lloyd Blankfein pays more in taxes," DeFazio said, referring to the head of Goldman Sachs. "If we do nothing, seniors don't get stuck with this deal."
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