Posted by Jennifer Chang
By ELIZABETH WILLIAMSON and HENRY J. PULIZZI
WASHINGTON -- President Barack Obama said he will press Congress to provide $250 payments to 57 million seniors, veterans and people with disabilities next year, a $13 billion effort to offset an expected announcement this week that there will be no cost-of-living increase in Social Security payments.
The proposed $250 payment is equivalent to a 2% increase for the average retiree receiving Social Security benefits, the White House said. Notably, it would act as additional economic stimulus at a time when the government is concerned about rising joblessness.
A decline in the rate of inflation precluded any cost-of-living increase next year.
"These payments will provide aid to more than 50 million people in the coming year, relief that will not only make a difference for them, but for our economy as a whole," Mr. Obama said.
Administration officials said in a briefing that they had no plan to offset the $13 billion cost, but would negotiate with Congress to find a means of financing it. The proposal requires approval by Congress, where concern over the escalating federal deficit has fueled questions about new spending. Click Here to Read More
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