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April 11, 2013

Obama Budget Plan Endorses Social Security Cuts 
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President Obama has formally released his proposal for a 2014 budget. As
expected, the plan leaves in place a cut to benefits provided under
Social Security. Obama's budget endorses a new formula to reduce Social
Security cost-of-living benefits, known as a chained CPI. By doing so,
Obama becomes the first Democratic president in history to target Social
Security in his budget. The plan would also cut over $350 billion from
Medicare, $19 billion from Medicaid, and tens of millions from the
government's heating assistance program for low-income Americans.
Overall, the proposed cuts to government spending total over $1.2
trillion . Speaking at the White House, Obama said he met Republicans
more than halfway.

President Obama: "If anyone thinks I'll finish the job of deficit
reduction on the backs of middle-class families or through spending cuts
alone that actually hurt our economy short-term, they should think
again. When it comes to deficit reduction, I've already met Republicans
more than halfway. So in the coming days and weeks, I hope that
Republicans will come forward and demonstrate that they're really as
serious — as serious about the deficits and debt as they claim to
be."

 

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