Obama Proposes Social Security Cuts

Is this the sound of compromise? First Republicans said they are willing to close some tax loopholes and now President Obama is proposing Social Security cuts. Obama is pushing congressional leaders to accept major changes to Social Security and Medicare—as long as Republicans support increasing tax revenue, sources told The Washington Post Wednesday. The move is a major shift from the White House’s earlier position on social programs, and could cause a problem for Democratic lawmakers who have promised not to support such cuts. The cuts are part of the Obama administration’s ambitious deficit-reduction plan that calls for some $4 trillion in savings over the next decade—a huge legislative achievement if it is passed. Obama will meet with top House and Senate leaders Thursday morning.