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:2025-04-18 16:41:26
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! (2337)
Related
- This was the average Social Security benefit in 2004, and here's what it is now
- No charges for Nebraska officer who killed a man while serving a no-knock warrant
- Target adds 1,300 new Halloween products for 2024, including $15 costumes
- Pennsylvania voters can cast a provisional ballot if their mail ballot is rejected, court says
- US appeals court rejects Nasdaq’s diversity rules for company boards
- Alaska governor vetoes expanded birth control access as a judge strikes down abortion limits
- Hugh Jackman Proves He’s Still the Greatest Showman With Eye-Popping Shirtless Photo
- Jenn Tran Shares Off-Camera Conversation With Devin Strader During Bachelorette Finale Commercial Break
- Can Bill Belichick turn North Carolina into a winner? At 72, he's chasing one last high
- Ruth Harkin memoir shows wit and fortitude of a woman who's made a difference
Ranking
- Rylee Arnold Shares a Long
- Marc Staal, Alex Goligoski announce retirements after 17 NHL seasons apiece
- A woman pleads guilty to trying to bribe a juror in a major COVID-related fraud case
- Buffalo’s mayor is offered a job as president and CEO of regional Off-Track Betting Corporation
- Don't let hackers fool you with a 'scam
- Travis Kelce's PR team shuts down breakup contract: 'Documents are entirely false'
- US Open: Aryna Sabalenka beats Emma Navarro to reach her second consecutive final in New York
- TikToker Taylor Frankie Paul Shares One Regret After Mormon Swinging Sex Scandal
Recommendation
'Survivor' 47 finale, part one recap: 2 players were sent home. Who's left in the game?
2 Nigerian brothers sentenced for sextortion that led to teen’s death
Retired DT Aaron Donald still has presence on Rams, but team will 'miss him' in 2024
Sicily Yacht Sinking: Why Mike Lynch’s Widow May Be Liable for $4 Billion Lawsuit
'As foretold in the prophecy': Elon Musk and internet react as Tesla stock hits $420 all
Alex Morgan retires from professional soccer and is expecting her second child
Bachelor Nation's Maria Georgas Shares Cryptic Message Amid Jenn Tran, Devin Strader Breakup Drama
Forget Halloween, it's Christmas already for some American shoppers