Obama’s budget reached the Capitol Hill last Wednesday morning and as announced last week, itis expected to reduce the federal government deficit by $3.77 trillion by raising taxes on the wealthy Americans and reducing the growth of Social Security and disability benefit programs.
Many Americans, particularly the seniors, veterans and people with disabilities and several advocates have actually waited for the final arrival of the pre-announced budget plan, anticipating that Obama would not pursue his plan to support the chained CPI, since the new formula would apparently kill the annual increases in an extensive course of government programs. In fact, the Social Security will be most affected by the budget plan.
Now upon the release of the budget plan, seniors may expect smaller monthly pay check from the Social Security sooner or later. This move got flak from many politicians and even Obama’s own party and supporters. However, the president remains unapologetic. "I am willing to make tough choices that may not be popular within my own party, because there can be no sacred cows for either party," Obama stressed.
He also added that his proposal to reduce the growth of Social Security was subjected to lawmakers agreeing to higher taxes, such as new limits on tax breaks on highest earning Americans. However, Republicans on the other hand, had already affirmed that they will not accept the offer.
Meanwhile, although there are many who oppose the budget, several Republicans on are pleased with it claiming that the offer could likely show promise. Consequently, along with its negative side, the budget package includes different proposals like increasing taxes on cigarettes, spending on climate research and other handful of items that the White House anticipates to be the source of a broad deficit-reduction deal by the end of the current year.
Hopefully, the newly offered budget promises a significant change since a lot of seniors and veterans are about to experience trimmed federal programs such as disability benefits and healthcare coverage, anticipated by a several Los Angeles social security disability lawyers.
