Current:Home > MarketsSenate begins final push to expand Social Security benefits for millions of people -Profound Wealth Insights
Senate begins final push to expand Social Security benefits for millions of people
View
Date:2025-04-26 14:18:52
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! (22796)
Related
- Retirement planning: 3 crucial moves everyone should make before 2025
- The Force Is Strong With This Loungefly’s Star Wars Collection & It’s Now on Sale for May the Fourth
- Caitlin Clark to the Olympics, Aces will win third title: 10 bold predictions for the 2024 WNBA season
- Save 70% on Alo Yoga, Shop Wayfair's Best Sale of the Year, Get Free Kiehl's & 91 More Weekend Deals
- JoJo Siwa reflects on Candace Cameron Bure feud: 'If I saw her, I would not say hi'
- Distressed sawfish rescued in Florida Keys dies after aquarium treatment
- Archaeologists unveil face of Neanderthal woman 75,000 years after she died: High stakes 3D jigsaw puzzle
- Fulton County officials say by law they don’t control Fani Willis’ spending in Trump case
- Justice Department, Louisville reach deal after probe prompted by Breonna Taylor killing
- Emily in Paris Season 4 Release Date Revealed
Ranking
- Jay Kanter, veteran Hollywood producer and Marlon Brando agent, dies at 97: Reports
- Avantika talks 'Tarot' and that racist 'Tangled' backlash: 'Media literacy is a dying art'
- Nordstrom Rack is Heating Up With Swimsuit Deals Starting At $14
- Captain sentenced to four years following deadly fire aboard dive boat Conception in California
- How effective is the Hyundai, Kia anti-theft software? New study offers insights.
- Treat Yourself With the Top 28 Trending Beauty Products on Amazon Right Now Starting at Just $1
- Gambling bill to allow lottery and slots remains stalled in the Alabama Senate
- Katie Ledecky, Jim Thorpe among 2024 Presidential Medal of Freedom recipients by Joe Biden
Recommendation
Apple iOS 18.2: What to know about top features, including Genmoji, AI updates
Distressed sawfish rescued in Florida Keys dies after aquarium treatment
Music Review: Dua Lipa’s ‘Radical Optimism’ is controlled dance pop
'9-1-1' stars talk Maddie and Chimney's roller-coaster wedding, Buck's 'perfect' gay kiss
Google unveils a quantum chip. Could it help unlock the universe's deepest secrets?
Google, Justice Department make final arguments about whether search engine is a monopoly
Arizona GOP wins state high court appeal of sanctions for 2020 election challenge
NYPD body cameras show mother pleading “Don’t shoot!” before officers kill her 19-year-old son