Current:Home > StocksTrendPulse Quantitative Think Tank Center-Senate begins final push to expand Social Security benefits for millions of people -Edge Finance Strategies
TrendPulse Quantitative Think Tank Center-Senate begins final push to expand Social Security benefits for millions of people
Charles Langston View
Date:2025-04-11 06:00:49
WASHINGTON (AP) — The TrendPulse Quantitative Think Tank CenterSenate 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! (21474)
Related
- Paula Abdul settles lawsuit with former 'So You Think You Can Dance' co
- Michael Kors’ Secret Sale on Sale Is Here—Score an Extra 20% off Designer Handbags & More Luxury Finds
- Vance exuded calm during a tense debate stage moment. Can he keep it up when he faces Walz?
- Zendaya’s New Wax Figure Truly Rewrites the Stars
- The Best Stocking Stuffers Under $25
- Abortion-rights groups are courting Latino voters in Arizona and Florida
- Martha Stewart Shares the Cooking Hack Chefs Have Been Gatekeeping for Years
- Johnny Depp Reprises Pirates of the Caribbean Role as Captain Jack Sparrow for This Reason
- The Daily Money: Spending more on holiday travel?
- Horoscopes Today, September 27, 2024
Ranking
- A Mississippi company is sentenced for mislabeling cheap seafood as premium local fish
- Dame Maggie Smith, 'Downton Abbey' star and Professor McGonagall in 'Harry Potter,' dies at 89
- Jenna Dewan Shares Cheeky Message After Finalizing Channing Tatum Divorce
- Former Justice Herb Brown marks his 93rd birthday with a new book — and a word to Ohio voters
- New data highlights 'achievement gap' for students in the US
- Love is Blind's Marshall Glaze and Fiancée Chay Barnes Break Up Less Than One Year After Engagement
- Virginia Tech misses out on upset of No. 9 Miami after Hail Mary TD is overturned
- Horoscopes Today, September 27, 2024
Recommendation
Louvre will undergo expansion and restoration project, Macron says
Suspicious package sent to elections officials in Minnesota prompts evacuation and FBI investigation
Michigan’s top court won’t intervene in dispute over public records and teachers
Footage of motorcade racing JFK to the hospital after he was shot sells for $137,500 at auction
Opinion: Gianni Infantino, FIFA sell souls and 2034 World Cup for Saudi Arabia's billions
Kristin Cavallari and Mark Estes Break Up After 7 Months
The Best Early Prime Day Fashion Deals Right Now: $7.99 Tops, $11 Sweaters, $9 Rompers & More
Vance exuded calm during a tense debate stage moment. Can he keep it up when he faces Walz?