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:2025-04-17 01:24:59
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! (1928)
Related
- Retirement planning: 3 crucial moves everyone should make before 2025
- Trump mounts defense in Alabama campaign appearance
- Power at the gas pump: Oregon lets drivers fuel their own cars, lifting decades-old self-serve ban
- Why is Jon Gruden at New Orleans Saints training camp? Head coach Dennis Allen explains
- The 401(k) millionaires club keeps growing. We'll tell you how to join.
- US and Sweden meet again in a Women’s World Cup match that will eliminate either Rapinoe or Seger
- 3 reasons gas prices are climbing again
- Governments are gathering to talk about the Amazon rainforest. Why is it so important to protect?
- USA women's basketball live updates at Olympics: Start time vs Nigeria, how to watch
- 3 reasons gas prices are climbing again
Ranking
- Retirement planning: 3 crucial moves everyone should make before 2025
- Billie Eilish Pays Tribute to Angus Cloud at Lollapalooza Days After His Death
- 5-year-old girl dies after being struck by starting gate at Illinois harness race
- How USWNT Power Couple Tobin Heath and Christen Press Are Changing the Game Off the Field
- Person accused of accosting Rep. Nancy Mace at Capitol pleads not guilty to assault charge
- Syrian baby born under earthquake rubble turns 6 months, happily surrounded by her adopted family
- Brush fire kills 2 and destroys 9 homes in suburban Tacoma, Washington
- McConnell is warmly embraced by Kentucky Republicans amid questions about his health
Recommendation
USA men's volleyball mourns chance at gold after losing 5-set thriller, will go for bronze
How news of Simone Biles' gymnastics comeback got spilled by a former NFL quarterback
Russia’s war with Ukraine has generated its own fog, and mis- and disinformation are everywhere
Wells Fargo customers report missing deposits from their bank accounts
What were Tom Selleck's juicy final 'Blue Bloods' words in Reagan family
Fargo challenges new North Dakota law, seeking to keep local ban on home gun sales
Why Florida State is working with JPMorgan Chase, per report
Cost of federal census recounts push growing towns to do it themselves