Current:Home > FinanceSenate begins final push to expand Social Security benefits for millions of people -Zenith Investment School
Senate begins final push to expand Social Security benefits for millions of people
View
Date:2025-04-17 18:54:29
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! (4683)
Related
- Rolling Loud 2024: Lineup, how to stream the world's largest hip hop music festival
- New Hampshire governor helps save man choking on lobster roll at seafood festival contest
- Tom Brady's broadcast debut draws mixed reviews. Here's reactions from NFL fans
- Judge orders psychological evaluation for white homeowner who shot Ralph Yarl
- Retirement planning: 3 crucial moves everyone should make before 2025
- Kate Middleton Details Family's Incredibly Tough 9 Months Amid Her Cancer Journey
- Futures start week on upbeat note as soft landing optimism lingers
- '14-year-olds don't need AR-15s': Ga. senator aims at gun lobby as churches mourn
- Finally, good retirement news! Southwest pilots' plan is a bright spot, experts say
- How to Watch the 2024 MTV VMAs on TV and Online
Ranking
- Stamford Road collision sends motorcyclist flying; driver arrested
- Lower rates are coming. You should check your CD rates now to keep earning, experts say.
- Judge orders change of venue in trial of man charged with killing 4 University of Idaho students
- How the iPhone 16 is different from Apple’s recent releases
- Why we love Bear Pond Books, a ski town bookstore with a French bulldog 'Staff Pup'
- A 9/11 anniversary tradition is handed down to a new generation
- Lions defeat Rams in overtime: Highlights, stats from Sunday Night Football
- Wildfires east of LA, south of Reno, Nevada, threaten homes, buildings, lead to evacuations
Recommendation
Intellectuals vs. The Internet
What are the most popular toys of 2024? Put these on your Christmas list early
Kate Middleton Details Family's Incredibly Tough 9 Months Amid Her Cancer Journey
Reparations supporters plot comeback after bitter defeat in California Legislature
New data highlights 'achievement gap' for students in the US
Trial begins over Texas ‘Trump Train’ highway confrontation
She clocked in – and never clocked out. Arizona woman's office death is a wake-up call.
‘I’m living a lie': On the streets of a Colorado city, pregnant migrants struggle to survive