Current:Home > reviewsRekubit Exchange:Senate begins final push to expand Social Security benefits for millions of people -FinanceAcademy
Rekubit Exchange:Senate begins final push to expand Social Security benefits for millions of people
TrendPulse Quantitative Think Tank Center View
Date:2025-04-07 12:06:47
WASHINGTON (AP) — The Rekubit 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! (4799)
Related
- Have Dry, Sensitive Skin? You Need To Add These Gentle Skincare Products to Your Routine
- Najee Harris 'tired' of Steelers' poor performances in 2023 season after loss to Browns
- Papua New Guinea volcano erupts and Japan says it’s assessing a possible tsunami risk to its islands
- Carlton Pearson, founder of Oklahoma megachurch who supported gay rights, dies at age 70
- What were Tom Selleck's juicy final 'Blue Bloods' words in Reagan family
- Los Angeles freeway is fully reopened after arson fire, just in time for Monday morning’s rush hour
- Want to save money for Thanksgiving? Here are some ideas for a cheaper holiday dinner
- More military families are using food banks, pantries to make ends meet. Here's a look at why.
- A South Texas lawmaker’s 15
- Taiwan presidential frontrunner picks former de-facto ambassador to U.S. as vice president candidate
Ranking
- Will the 'Yellowstone' finale be the last episode? What we know about Season 6, spinoffs
- DC combating car thefts and carjackings with dashcams and AirTags
- Rookie Ludvig Aberg makes history with win at RSM Classic, last PGA Tour event of season
- Justin Fields runs for 104 yards and passes for 169 in his return. Bears lose to Lions 31-26
- The 401(k) millionaires club keeps growing. We'll tell you how to join.
- Syracuse fires football coach Dino Babers after eight seasons
- Albanese criticizes China over warship’s use of sonar that injured an Australian naval diver
- Chargers coach Brandon Staley gets heated in postgame exchange after loss to Packers
Recommendation
Megan Fox's ex Brian Austin Green tells Machine Gun Kelly to 'grow up'
Senegal opposition party sponsoring new candidate Faye after court blocks jailed leader Sonko’s bid
Does Black Friday or Cyber Monday have better deals? How to save the most in 2023.
Fires in Brazil threaten jaguars, houses and plants in the world’s largest tropical wetlands
'As foretold in the prophecy': Elon Musk and internet react as Tesla stock hits $420 all
3 major ways climate change affects life in the U.S.
More military families are using food banks, pantries to make ends meet. Here's a look at why.
When should kids specialize in a sport? Five tips to help you find the right moment