Thursday, April 11, 2013

The National Memo » Boehner Rejects Obama’s Offer To Cut Social Security

The National Memo » Boehner Rejects Obama’s Offer To Cut Social SecurityHouse Speaker John Boehner (R-OH) preemptively rejected President Barack Obama’s upcoming budget proposal Friday, slamming the president’s offer to cut Social Security as “only modest entitlement savings.”
President Obama’s budget plan, which he will send to Capitol Hill on Wednesday, will reportedly seek $1.8 trillion in deficit reduction through a combination of new revenues and spending cuts. The most controversial cut is the move to the chained consumer price index (“chained CPI”) for Social Security, which would significantly reduce annual cost-of-living adjustments for Social Security beneficiaries. President Obama has long suggested that he could support the measure, which would cut federal spending by about $130 billion over the next decade, only if Republicans agree to raise new tax revenues.