Will the Lame Duck pass an Emergency COLA?

[jtown1123]

Entitled to Know Blog Post

Will Lame Duck Congress Pass COLA Relief?
By NCPSSM | November 16, 2010

Legislation in the House and Senate to provide one-time emergency COLA relief for seniors is expected to be considered in the lame duck session of Congress before it wraps up its work next month. House Speaker Nancy Pelosi has included COLA relief on her list of must-pass items and Majority Leader Harry Reid has promised to take it up in the Senate.

Let’s be clear about what this bill would do. The legislation would not provide an actual COLA increase, since under current law the COLA formula mandated no increase in 2010 and 2011; however, this legislation would provide a single $250 payment next year. You may remember, a similar provision was included in the 2009 stimulus bill and was successful in providing modest relief to seniors hit hard by the recession and also providing desperately needed economic stimulus.

But passage of this COLA bill is anything but certain. Deficit hawks continue their campaign against anything vaguely resembling help for the middle class and, in fact, the chairmen of the Fiscal Commission now suggest that the current formula (which led to zero COLA’s for two years) is actually too generous. They want a new and less “generous” COLA formula enacted as soon as 2012. Cutting the COLA during the worst economic crisis in decades would be disastrous for millions of Americans but it is exactly what multi-billionaire and anti-entitlement crusader Pete Peterson has advocated as far back as the 1970’s. We detailed some of that history here:

Peterson is no stranger to the battle against America’s retirement safety net. He’s called the current cost of living increases in Social Security, which provide adjustments of roughly 3% a year, “one of the greatest fiscal tragedies of American history” because he considers them excessive. At the same time, Peterson steadfastly defends a controversial private equity tax break that benefits America’s wealthiest investors. So much for fiscal responsibility.

Read the Rest:http://www.ncpssm.org/entitledtoknow/?p=1374

[Ozymanithrax]

1. Would the Republicans in the Senate allow it.

They have their hand on the spigot, and a lot to thank the oldsters who voted them in.

Note to the Offended.
I am an oldster, myself, who didn't vote for those useless bags of feculance, but oldsters were a large part of their majority who voted.

[jtown1123]

2. The Senate is the huge roadblock. It could pass in the House.

Pretty sad how so many seniors were scared by GOP messages this election. Way to vote for the party who has no problem cutting your Social Security and Medicare benefits.