Current:Home > MarketsChainkeen Exchange-Senate begins final push to expand Social Security benefits for millions of people -Blueprint Money Mastery
Chainkeen Exchange-Senate begins final push to expand Social Security benefits for millions of people
SignalHub Quantitative Think Tank Center View
Date:2025-04-08 07:58:38
WASHINGTON (AP) — The Chainkeen ExchangeSenate 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! (7598)
Related
- Macy's says employee who allegedly hid $150 million in expenses had no major 'impact'
- Minnesota motorist kills 16-year-old by driving into a crowd
- The Bachelorette's Katie Thurston Engaged to Comedian Jeff Arcuri
- 2024 Emmys: The Traitors Host Alan Cumming Teases Brutal Bloodbath for Season 3
- Appeals court scraps Nasdaq boardroom diversity rules in latest DEI setback
- Travis Hunter shines as Colorado takes care of business against Colorado State: Highlights
- Shedeur Sanders refuses to shake Brayden Fowler-Nicolosi's hand after win vs Colorado State
- Stephen King, Flavor Flav, more 'love' Taylor Swift after Trump 'hate' comment
- San Francisco names street for Associated Press photographer who captured the iconic Iwo Jima photo
- John Oliver Curses Out Emmy Awards on Live TV While Paying Tribute to Dead Dog
Ranking
- Global Warming Set the Stage for Los Angeles Fires
- Days of preparation and one final warning. How Kamala Harris got ready for her big debate moment
- Hailey Bieber's Dad Stephen Baldwin Describes Her and Justin Bieber's Baby Boy Jack
- Who Is In the Banana Costume at the 2024 Emmy Awards? How a Reality Star Stole the Red Carpet Spotlight
- Could Bill Belichick, Robert Kraft reunite? Maybe in Pro Football Hall of Fame's 2026 class
- 2024 Emmy winners and presenters couldn't keep their paws off political cat jokes
- NASCAR at Watkins Glen: Start time, TV, live stream, lineup for 2024 playoff race
- 2024 Emmys: You Might Have Missed Selena Gomez and Benny Blanco's Sweet Audience Moment
Recommendation
DeepSeek: Did a little known Chinese startup cause a 'Sputnik moment' for AI?
As mortgage rates hit 18-month low, what will the Fed meeting mean for housing?
Open Up the 2004 Emmys Time Capsule With These Celeb Photos
3 dead, 2 injured in Arizona tractor-trailer crash
Working Well: When holidays present rude customers, taking breaks and the high road preserve peace
Brian Kelly bandwagon empties, but LSU football escapes disaster against South Carolina
3 dead, 2 injured in Arizona tractor-trailer crash
Emmys 2024: See All the Celebrity Red Carpet Fashion