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Obama Budget To Drop Budget Cost-of-living Trims

wochit business
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February 20, 2014 AT 10:20 AM
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 future deficits and the nation's debt.