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Budget drops lower benefits, adds $56B in spending
The White House said Thursday that President Obama’s soon-to-be-unveiled budget will not include his past offer to accept lowered cost-of-living increases in Social Security and other benefits. The cost-cutting method had been a critical component of his long-term debt-reduction strategy but faced fierce opposition from liberal Democrats. In return for changing how the cost-of-living adjustment is calculated, Obama had expected Republicans to agree to some increases in tax revenue, which Republicans balked at…Read More