Officials: President Obama Drops Budget Cost-of-Living Trims - KTVN Channel 2 - Reno Tahoe News Weather, Video -

Officials: President Obama Drops Budget Cost-of-Living Trims

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The White House says President Barack Obama's upcoming budget proposal will not include his past offer to accept lowered cost-of-living increases in Social Security and other benefit programs. Those had been a central component of his long-term debt-reduction strategy.
 
Officials said Thursday that those potential reductions in spending, included in last year's Obama budget, had been designed to initiate negotiations with Republicans over how to reduce deficits and the nation's debt. One official said the offer would remain on the table in the event of new budget talks, but that it would not be part of the president's formal spending blueprint.
 
The officials were not authorized to comment by name on the budget plan before its March 4 release and spoke only on condition of anonymity. (AP)

Nevada Senator Harry Reid released the following statement today regarding President Obama's forthcoming budget:

"President Obama's budget will be a powerful statement of Democratic principles. The policies it contains will provide a blueprint for creating jobs for the middle class, forging an economy where economic opportunity is shared by all – not just the top one percent – and protecting retirement security. In particular, I commend President Obama for his commitment to keeping Social Security strong, and for rejecting Republican calls to cut badly-needed cost of living increases.

"The agreement forged by Senator Murray and Congressman Ryan shows that we can find common ground and make progress on these issues. I look forward to working with the administration and colleagues on both sides of the aisle in making this blueprint a reality."

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