The so-called chained-CPI formula was part of a bid by the president to engage in deficit-reduction negotiations with Republicans. It wasn't adopted after a standoff over taxes and spending. It also was criticized by many congressional Democrats and some of Obama's political allies.
Josh Earnest, a White House spokesman, said the proposal remains on the table if talks on deficit reduction resume.
Imposing a revised formula on Social Security and other programs with cost-of-living adjustments, which was proposed in the budget Obama sent to Congress last year, would save $162.5 billion over 10 years, the nonpartisan Congressional Budget Office said in November.
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