Obama Budget Proposal to Cut Social Security

Obama Budget Proposal to Cut Social Security

President Barack Obama’s budget proposal will include reductions in the growth of Social Security and other benefit programs, according to a senior White House official.

The proposal is a compromise between the president and congressional Republicans to cut federal taxes through a combination of tax revenue and reductions in entitlement programs for the 2014 fiscal year, which is expected to reduce the government deficit by $1.8 trillion over 10 years.

Under Obama’s budget proposal is a revised inflation adjustment that would curb annual increases in government programs; with its biggest impact on Social Security, affecting veterans, poor people and older Americans. The president also called for limits on tax deductions by the wealthy, a proposal that could generate about $580 billion in revenue over ten years. His proposal is expected to be released next week.

Read more at Huffington Post.