Current:Home > MarketsChainkeen Exchange-Senate begins final push to expand Social Security benefits for millions of people -TradeCircle
Chainkeen Exchange-Senate begins final push to expand Social Security benefits for millions of people
Poinbank View
Date:2025-04-06 18:38:29
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! (2349)
Related
- Senate begins final push to expand Social Security benefits for millions of people
- Seiichi Morimura, 'The Devil's Gluttony' author, dies at 90 after pneumonia case
- Rep. Cori Bush marks Juneteenth with push for reparations
- A rehab center revives traumatized Ukrainian troops before their return to battle
- Appeals court scraps Nasdaq boardroom diversity rules in latest DEI setback
- What we know about the Indiana industrial fire that's forced residents to evacuate
- Q&A: Black scientist Antentor Hinton Jr. talks role of Juneteenth in STEM, need for diversity in field
- Transcript: Former National Security Adviser H.R. McMaster on Face the Nation, June 18, 2023
- Small twin
- Today's election could weaken conservatives' long-held advantage in Wisconsin
Ranking
- Paris Hilton, Nicole Richie return for an 'Encore,' reminisce about 'The Simple Life'
- A robot answers questions about health. Its creators just won a $2.25 million prize
- A Possible Explanation for Long COVID Gains Traction
- NFL Legend Jim Brown Dead at 87
- Who's hosting 'Saturday Night Live' tonight? Musical guest, how to watch Dec. 14 episode
- Basketball powers Kansas and North Carolina will face each other in home-and-home series
- Selling Sunset Reveals What Harry Styles Left Behind in His Hollywood House
- Idaho lawmakers pass a bill to prevent minors from leaving the state for abortion
Recommendation
North Carolina trustees approve Bill Belichick’s deal ahead of introductory news conference
How an abortion pill ruling could threaten the FDA's regulatory authority
Wheeler in Wisconsin: Putting a Green Veneer on the Actions of Trump’s EPA
Would you like to live beyond 100? No, some Japanese say
Macy's says employee who allegedly hid $150 million in expenses had no major 'impact'
Jersey Shore's Angelina Pivarnick Reveals Why She Won't Have Bridesmaids in Upcoming Wedding
Q&A: Denis Hayes, Planner of the First Earth Day, Discusses the ‘Virtual’ 50th
Medicare tests a solution to soaring hospice costs: Let private insurers run it