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April 5, 2013

Obama Budget to Endorse Cuts to Social Security, Medicare 
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President Obama is preparing to formally propose cuts to Social Security
and Medicare in his latest budget. The New York Times reports Obama will
unveil a plan next week that mirrors the offer he made to House Speaker
John Boehner late last year. The Obama budget endorses a new formula
that will reduce cost-of-living benefits under Social Security, known as
a chained CPI, as well as other benefit cuts sought by Republicans. In
return, Obama would seek Republican backing for new taxes on the wealthy
and money for investing in infrastructure.

 

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