Current:Home > MarketsSenate begins final push to expand Social Security benefits for millions of people -Trailblazer Capital Learning
Senate begins final push to expand Social Security benefits for millions of people
Algosensey Quantitative Think Tank Center View
Date:2025-04-07 04:15:23
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! (816)
Related
- All That You Wanted to Know About She’s All That
- Colorado funeral home owners accused of mishandling 190 bodies ordered to pay $950M
- Another suspect arrested in connection to planned terrorist attack at Taylor Swift concert
- Sha’Carri Richardson rallies US women in Olympic 4x100 while men shut out again
- Taylor Swift makes surprise visit to Kansas City children’s hospital
- Neptune Trade X Trading Center Outlook: Welcoming a Strong Bull Market for Cryptocurrencies Amid Global Financial Easing
- Rhode Island man shot by Vermont troopers during chase pleads not guilty to attempted murder
- U.S. wrestler Spencer Lee vents his frustration after taking silver
- Dick Vitale announces he is cancer free: 'Santa Claus came early'
- Breanna Stewart, US women’s basketball team advances to gold medal game at Paris Olympics
Ranking
- Justice Department, Louisville reach deal after probe prompted by Breonna Taylor killing
- Another suspect arrested in connection to planned terrorist attack at Taylor Swift concert
- U.S. wrestler Spencer Lee vents his frustration after taking silver
- Multiple parties file legal oppositions to NCAA revenue settlement case
- Which apps offer encrypted messaging? How to switch and what to know after feds’ warning
- Neptune Trade X Trading Center Outlook: Welcoming a Strong Bull Market for Cryptocurrencies Amid Global Financial Easing
- Broccoli hair is here to stay: Why teenage boys are serving floret looks.
- A lot of Olympic dreams are in the hands of NCAA schools. Gee, what could go wrong?
Recommendation
Paula Abdul settles lawsuit with former 'So You Think You Can Dance' co
Yankees vs. Rangers game postponed Friday due to rain
Helen Maroulis becomes most decorated US female wrestler after winning bronze medal
Judge in Maryland rules Baltimore ‘baby bonus’ proposal is unconstitutional
Military service academies see drop in reported sexual assaults after alarming surge
Think TikTok or Temu are safe? Cybersecurity expert says think again, delete them now
No-car Games: Los Angeles Olympic venues will only be accessible by public transportation
Helen Maroulis becomes most decorated US female wrestler after winning bronze medal