The Obama administration set the stage for a fight with congressional Republicans Monday by proposing a temporary reallocation to shore up the Social Security Disability Insurance Trust fund.
The proposal, contained in the White House budget proposal for next year, would shift existing payroll tax deductions which support the Old Age and Survivors Insurance Program into the DI trust, "while a longer-term solutions to overall Social Security solvency is developed with the Congress," the White House said in its budget blueprint.
House Republicans passed a rule in January that would block the transfer — known as reallocation — unless Social Security's overall solvency was improved.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
