Current:Home > MarketsSenate begins final push to expand Social Security benefits for millions of people -Balance Wealth Academy
Senate begins final push to expand Social Security benefits for millions of people
View
Date:2025-04-12 20:33:16
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! (66795)
Related
- At site of suspected mass killings, Syrians recall horrors, hope for answers
- Trump names Andrew Ferguson as head of Federal Trade Commission to replace Lina Khan
- When fire threatened a California university, the school says it knew what to do
- Blast rocks residential building in southern China
- Meet first time Grammy nominee Charley Crockett
- Military service academies see drop in reported sexual assaults after alarming surge
- New York Climate Activists Urge Gov. Hochul to Sign ‘Superfund’ Bill
- Epic Games to give refunds after FTC says it 'tricked' Fortnite players into purchases
- The Grammy nominee you need to hear: Esperanza Spalding
- Woman fired from Little India massage parlour arrested for smashing store's glass door
Ranking
- Angelina Jolie nearly fainted making Maria Callas movie: 'My body wasn’t strong enough'
- Stock market today: Asian stocks are mixed ahead of key US inflation data
- Biden and Tribal Leaders Celebrate Four Years of Accomplishments on Behalf of Native Americans
- Man on trial in Ole Miss student’s death lied to investigators, police chief says
- B.A. Parker is learning the banjo
- 'Yellowstone' Season 5, Part 2: Here's when the final episode comes out and how to watch
- Philippines' VP Sara Duterte a no
- Social media platform Bluesky nearing 25 million users in continued post
Recommendation
Toyota to invest $922 million to build a new paint facility at its Kentucky complex
Only about 2 in 10 Americans approve of Biden’s pardon of his son Hunter, an AP
GM to retreat from robotaxis and stop funding its Cruise autonomous vehicle unit
Man identifying himself as American Travis Timmerman found in Syria after being freed from prison
Trump issues order to ban transgender troops from serving openly in the military
When fire threatened a California university, the school says it knew what to do
US inflation likely edged up last month, though not enough to deter another Fed rate cut
The Daily Money: Now, that's a lot of zeroes!