Among the steps that Obama will propose Wednesday is a call for a “chained” consumer price index, which would change the way that inflation is measured for Social Security and could result in benefit reductions. Republicans have supported such a proposal in the past, but Pfeiffer said Obama would offer it on only two conditions.
“Those two conditions are, one, it’s part of a balanced package that includes closing tax loopholes to benefit the wealthiest and, two, that it has protections for the most vulnerable, including the oldest seniors,” he said, adding that the president’s plan for chained CPI will “absolutely” have exceptions, or carve-outs, for certain groups.
Vice President Joe Biden waits to conduct a mock swearing-in ceremony with Sen. Brian Schatz, D-Hawaii, in the Capitol's Old Senate Chamber, December 2, 2014. Schatz was sworn in to serve the remainder of his term since he was appointed to the seat after Sen. Daniel Inouye, D-Hawaii, passed away.