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Obama budget drops Social Security caps

President Barack Obama plans to drop his proposal to reduce cost-of-living adjustments for Social Security and other benefit programs in the budget his administration releases March 4 for the 2015 fiscal year.

By Roger Runningen | Updated on February 20, 2014
President Barack Obama waves as he boards Air Force One after attending the North American Leaders Summit in Toluca, Mexico, Wednesday, Feb. 19, 2014. (AP Photo/Dario Lopez-Mills)
Feb. 20 (Bloomberg) — President Barack Obama plans to drop his proposal to reduce cost-of-living adjustments for Social Security and other benefit programs in the budget his administration releases March 4 for the 2015 fiscal year.

The so-called chained-CPI formula was part of a bid by the president to engage in deficit-reduction negotiations with Republicans. It wasn’t adopted after a standoff over taxes and spending. It also was criticized by many congressional Democrats and some of Obama’s political allies.

Josh Earnest, a White House spokesman, said the proposal remains on the table if talks on deficit reduction resume.

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