U.S. President Barack Obama speaks to the media after meeting with Congressional leaders at the White House, March 1, 2013 in Washington, DC. (Photo by Mark Wilson/Getty Images)
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WASHINGTON (AP) - President Barack Obama is proposing cuts to Social Security as an attempt to compromise with Republicans on the budget.
A senior administration official says the budget Obama will offer to Congress next Wednesday would reduce the deficit by $1.8 trillion over 10 years. It includes a revised inflation adjustment called "chained CPI" that would curb cost-of-living increases in Social Security and other benefit programs.
The senior administration official stressed it is not the president's preferred approach but a compromise proposal to try to reach a long-term budget deal. Obama first made the offer to House Speaker John Boehner last year.
The official spoke on a condition of anonymity since the budget has yet to be released. Technically, the administration actually would be limiting the growth of Social Security.
Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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