Happy Thursday! Federal employees ineligible to receive Social Security benefits would still get a one-time $250 payment next year if President Obama gets his way.
The president wants Congress to make the one-time payments to roughly 57 million people, including roughly 1 million public sector employees ineligible for Social Security, Supplemental Security Income, or veterans benefits.
“This additional assistance will be especially important in the coming months, as countless seniors and others have seen their retirement accounts and home values decline as a result of this economic crisis," Obama said in a statement issued Wednesday.
“This payment would come as a welcome relief to federal retirees and survivors at a time when most will shoulder a 12 to 15 percent health insurance premium increase in a year they will receive no cost of living adjustment,” Margaret L. Baptiste, president of the National Active and Retired Federal Employees Association said in a statement. “We commend the president for supporting a payment to older Americans that will help them make ends meet and for including government retirees who are not eligible to receive Social Security.”
Obama endorsed the idea, expected to cost at least $13 billion, "as the administration gropes for ways to sustain an apparent economic rebound without the kind of massive spending package that critics could label a second stimulus act," colleagues Amy Goldstein and Neil Irwin report.