(closet republican) Obama formally proposes cuts to Social Security, Medicare

CitizensforLegitGov

President Obama next week will take the political risk of formally proposing cuts to Social Security and Medicare in his annual budget in an effort to demonstrate his willingness to compromise with Republicans [because he is one] and revive prospects for a long-term deficit-reduction deal, administration officials say.  Besides the tax increases that most Republicans continue to oppose, Mr. Obama's budget will propose a new inflation formula that would have the effect of reducing cost-of-living payments for Social Security benefits, though with financial protections for low-income and very old beneficiaries, administration officials said. The idea, known as chained C.P.I., has infuriated some Democrats and advocacy groups to Mr. Obama’s left, and they have already mobilized in opposition.