Current:Home > StocksSenate begins final push to expand Social Security benefits for millions of people -EquityZone
Senate begins final push to expand Social Security benefits for millions of people
View
Date:2025-04-17 16:46:26
WASHINGTON (AP) — The Senate is pushing toward a vote on legislation that would provide full Social Security benefitsto millions of people, setting up potential passage in the final days of the lame-duck Congress.
Senate Majority Leader Chuck Schumer, D-N.Y., said Thursday he would begin the process for a final vote on the bill, known as the Social Security Fairness Act, which would eliminate policies that currently limit Social Security payouts for roughly 2.8 million people.
Schumer said the bill would “ensure Americans are not erroneously denied their well-earned Social Security benefits simply because they chose at some point to work in their careers in public service.”
The legislation passed the House on a bipartisan vote, and a Senate version of the bill introduced last year gained 62 cosponsors. But the bill still needs support from at least 60 senators to pass Congress. It would then head to President Biden.
Decades in the making, the bill would repeal two federal policies — the Windfall Elimination Provision and the Government Pension Offset — that broadly reduce payments to two groups of Social Security recipients: people who also receive a pension from a job that is not covered by Social Security and surviving spouses of Social Security recipients who receive a government pension of their own.
The bill would add more strain on the Social Security Trust funds, which were already estimated to be unable to pay out full benefits beginning in 2035. It would add an estimated $195 billion to federal deficits over 10 years, according to the Congressional Budget Office.
Conservatives have opposed the bill, decrying its cost. But at the same time, some Republicans have pushed Schumer to bring it up for a vote.
Sen. Bill Cassidy, R-La., said last month that the current federal limitations “penalize families across the country who worked a public service job for part of their career with a separate pension. We’re talking about police officers, firefighters, teachers, and other public employees who are punished for serving their communities.”
He predicted the bill would pass.
Disclaimer: The copyright of this article belongs to the original author. Reposting this article is solely for the purpose of information dissemination and does not constitute any investment advice. If there is any infringement, please contact us immediately. We will make corrections or deletions as necessary. Thank you.
veryGood! (1)
Related
- B.A. Parker is learning the banjo
- Laurent de Brunhoff, Babar heir who created global media empire, dies at 98
- Greasy Hair Survival Guide: How To Stop Oily Hair in Its Tracks
- Women's March Madness games today: Schedule, how to watch Monday's NCAA Tournament
- 'Squid Game' without subtitles? Duolingo, Netflix encourage fans to learn Korean
- Judge dismisses lawsuit by Musk’s X against nonprofit researchers tracking hate speech on platform
- Rescue effort turns to recovery in search for 6-year-old who fell into Pennsylvania creek
- Sacha Baron Cohen Reacts to Rebel Wilson Calling Him an “A--hole” in New Memoir
- Juan Soto to be introduced by Mets at Citi Field after striking record $765 million, 15
- FAA considers temporary action against United following series of flight mishaps, sources say
Ranking
- Trump's 'stop
- Sacha Baron Cohen Reacts to Rebel Wilson Calling Him an “A--hole” in New Memoir
- Drag queen story hour canceled at Lancaster Public Library over package, bomb threats
- The Daily Money: Good news for your 401(k)?
- Person accused of accosting Rep. Nancy Mace at Capitol pleads not guilty to assault charge
- Darian DeVries leaving Drake men's basketball for West Virginia head coaching job
- 10 NFL teams that need to have strong draft classes after free agency
- Connecticut starting March Madness repeat bid in dominant form should scare rest of field
Recommendation
Former longtime South Carolina congressman John Spratt dies at 82
Full transcript of Face the Nation, March 24, 2024
The NCAA Tournament wants to expand without losing its soul. It will be a delicate needle to thread
Stock market today: Asian shares trade mixed after Wall Street closes near record finish
Are Instagram, Facebook and WhatsApp down? Meta says most issues resolved after outages
Harry and Meghan speak out after Princess Kate cancer diagnosis
Judge dismisses lawsuit by Musk’s X against nonprofit researchers tracking hate speech on platform
Shannen Doherty applauds Princess Kate for 'strength' amid cancer battle, slams rumors