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Fed Pensions Targeted in Debt-Reduction Talks
The generous pension system enjoyed by millions of federal workers from clerks to senators and judges has emerged as a key target in negotiations between Vice President Biden and congressional leaders looking to restrain the growing national debt.Republicans have proposed saving more than $120 billion over the next decade by requiring the civilian workforce to contribute more toward retirement Participants in the Biden talks have temporarily set aside the most ideologically divisive issues, such as raising taxes and cutting entitlement benefits. But while the remaining targets are smaller, they are also guarded by a thicket of lobbyists and interest groups. Since May 5, negotiators have focused on a list of proposed reductions to mandatory programs, which are financed outside the annual appropriations process. The Republican-controlled Houses budget blueprint includes $715 billion in such savings through 2021; Obama has offered $290 billion. So let's 'compromise' at $250 billion. That's enough to make zero a hero. Posted by: Bobby 2011-05-15 |
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