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On the spending cut side: $800 billion, including defense cuts. No rise in the Medicare eligibility age, but there would be “chained CPI” on Social Security, i.e., a change in the measurement of inflation that amounts to a benefit cut. While the hard line on Medicare is good, in essence, the emerging framework keeps taxes low on income between $250,000 and $400,000, while raising taxes on the middle class (the payroll tax cut would expire) and cutting Social Security.
However, according to an official familiar with the talks, the White House continues to insist on various ways of softening the blow of “chained CPI” that are supported by progressive economists, though the details are still unclear. The liberal Center on Budget and Policy Priorities is willing to support “chained CPI” if it is offset with a small increase in Social Security benefits for longtime beneficiaries and an exemption of of Supplemental Security Income, which is geared towards the poor and disabled. And so, a lot will depend on what the final agreement on Social Security looks like.
The left looks to be mobilizing to pressure Harry Reid not to accept any Social Security cuts, because he previously said Social Security should not be part of any deal. A senior Senate Dem aide tells me that Reid is not prepared to accept the emerging deal yet; he wants to talk to his caucus about it first.
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only losers or morons would accept cuts to social security. if anything, they should add to benefits instead of giving the loot for corporate welfare and billionaires
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