At 6 AM, The White House released a 6 page summary of The President’s budget plan, which will seek to raise $580 billion in new taxes on the way to cutting the deficit by over $1.7 trillion over 10 years.
The most controversial item in the budget is a new measure of indexing growth of Social Security payments called a Chained CPI. Our Walt Hickey goes into the technical details here. Meanwhile, liberals are already launching a full-on assault against the idea.
Anyway, it’s almost difficult to find the line about this idea in the summary.
It’s buried at the bottom of the last page. It just says:
$230 billion in savings from using a chained measure of inflation for cost-of-living adjustments throughout the Budget, with protections for the most vulnerable.
Here’s a partial screenshot of the last page.
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