President Barack Obama, in a move cast as a compromise with Congressional Republicans, will include in his budget to be offered April 10 an inflation formula that will slow growth of Social Security and veterans benefits, a senior administration official confirmed Friday.
The president will propose a different way to measure the Consumer Price Index, one referred to as "chained CPI," which is supported by key Republicans in Congress. The official said chained CPI will be offered in the hopes of getting Republicans to bend on closing tax cut loopholes for top earners to create revenue and lower the deficit.
Chained CPI will alter cost-of-living calculations for entitlements including Social Security, slowing the growth of benefits, as and decrease benefits for disabled veterans?reasons why chained CPI is opposed by some Democrats, progressives and others.
Supporters say chained CPI is a more accurate way to measure inflation and reduces spending.
The president's budget, according to the official, will also:
-Aim to reduce the deficit by $1.8 trillion over 10 years
-Increase tobacco taxes to cover the president's universal pre-K program
-Close a loophole that currently permits individuals to simultaneously collect full disability and unemployment benefits
-Set limits on tax-preferred retirement accounts for millionaires and billionaires
The president's budget by law was due Feb. 4 of this year. Republicans have criticized the administration for missing that deadline for what Republicans contend is a political maneuver designed to put Congress out front in what is expected to be a challenging budget negotiation process.
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