Current:Home > ContactChainkeen Exchange-Senate begins final push to expand Social Security benefits for millions of people -EverVision Finance
Chainkeen Exchange-Senate begins final push to expand Social Security benefits for millions of people
NovaQuant Quantitative Think Tank Center View
Date:2025-04-06 13:04:29
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! (37751)
Related
- San Francisco names street for Associated Press photographer who captured the iconic Iwo Jima photo
- Voters in Florida Rep. Matt Gaetz's home district have divided opinions after McCarthy's House speaker ouster
- Nearly 5,000 autoworkers have been laid off since UAW strike began
- Jada Pinkett Smith Shares How She Overcame Struggle With Suicidal Ideation
- Paris Hilton, Nicole Richie return for an 'Encore,' reminisce about 'The Simple Life'
- California's 'Skittles ban' doesn't ban Skittles, but you might want to hide your Peeps
- Filed for Social Security too early? Here's why all isn't lost.
- Salman Rushdie was stabbed onstage last year. He’s releasing a memoir about the attack
- The Grammy nominee you need to hear: Esperanza Spalding
- Panama, Costa Rica agree to a plan to speed migrants passing through from Darien Gap
Ranking
- Gen. Mark Milley's security detail and security clearance revoked, Pentagon says
- New national wildlife refuges in Tennessee, Wyoming created to protect toads, bats, salamanders
- She's the star witness against Sam Bankman-Fried. Her testimony was explosive
- What was Hamas thinking? For over three decades, it has had the same brutal idea of victory
- Meta releases AI model to enhance Metaverse experience
- Salman Rushdie's new memoir 'Knife' to chronicle stabbing: See release date, more details
- Henry Golding and Wife Liv Lo Welcome Baby No. 2
- A treacherous descent? What will the Fed do next?
Recommendation
Intellectuals vs. The Internet
What was Hamas thinking? For over three decades, it has had the same brutal idea of victory
These Maya women softballers defy machismo — from their mighty bats to their bare toes
There's something fishy about your seafood. China uses human trafficking to harvest it.
Grammy nominee Teddy Swims on love, growth and embracing change
'Something is going to happen': Jerry Seinfeld teases 'Seinfeld' reunion
Ex-NFL player Sergio Brown in custody on first-degree murder charge in mother's slaying
These Maya women softballers defy machismo — from their mighty bats to their bare toes