Obama Proposes an Extra $250 for Social Security
Recipients
Obama Proposes an extra $250 for Social Security
recipients, and others to Make Up for No cost of Living Increase
To compensated for the loss of a cost of living adjust in
January 2010, President Obama has proposed a one- time payment of $250 for
senior citizens, veterans, and people with disabilities on social security
benefits, calling it an addition to his stimulus bill "on behalf of those
hardest hit by this recession"
"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, complementing the tax cuts we've provided
working families and small businesses through the Recovery Act," Obama said in
a statement.
Congress must approve the payments, which would cost $13
billion, according to a White House statement. Many members of the Democratic
majorities in the House and Senate have endorsed such a step. The Republican
caucus said they would support the payments if the money came out of already
authorized stimulus funds.
The fact sheet said 57 million Americans would benefit
from the proposal:
"These include 49 million Social Security beneficiaries, 5
million Supplemental Security Income beneficiaries, 2 million veterans benefit
recipients, 0.5 million railroad retirement and disability beneficiaries, and
also about 1 million public-employee retirees not entitled to any of the
previous benefits."
Source White House Press Room and AP |
