Senate on record opposing use of chained cpi [View all]
Source: The Hill
The Senate voted Friday night to oppose cutting entitlement benefits for veterans using a new method of calculating inflation.
President Obama has put the new method, known as chained consumer price index, on the table in deficit talks with Republicans. Using it reduces entitlement benefits like Social Security over time and also raises revenues by reducing the value of tax breaks.
The vote on the amendment was by voice vote, so its usefulness in quantifying Senate opposition to the proposal is minimal. The amendment is non-binding because it is attached to the budget resolution, which does not have the force of law.
Sens. Bernie Sanders (I-Vt.), Tom Harkin (D-Iowa), Mazie Hirono (D-Hawaii) and Sheldon Whitehouse (D-R.I.) sponsored the amendment.