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Obama breaks his word on Social Security cutbacks - it's an election year

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Social Security recipients could breathe a sigh of relief Thursday as President Barack Obama scrapped a measure to trim cost-of-living increases from the upcoming budget proposal.

It is seen in Washington politics as an election ploy to bolster many of the Democrats running in the November mid-term elections. The budget will be released March 4th with many Democratic candidates breathing a sigh of relief with the Social Security recipients.

In other words, the president broke his word to Republicans - lied.

The White House spun the president’s decision as Republicans having failed to identify tax loopholes, thus the Social Security proposal was dropped. One official commented Republicans were "refusing to identify even one unfair tax loophole they would be willing to close despite the president's willingness to put tough things on the table."

House Speaker John Boehner (R-OH) countered, "The one and only idea the president has to offer is even more job-destroying tax hikes, and that non-starter won't do anything to save the entitlement programs that are critical to so many Americans. With three years left in office, it seems the president is already throwing in the towel."

The AARP, backing Obamacare, had urged its members to protest the cuts, saying they would hurt seniors.

One White House official, speaking on condition of anonymity, said the budget offer will adhere to spending levels agreed to in a two-year bipartisan budget deal that was achieved at the end of last year.

Unlike typical past budget proposals from the Obama administration, they sought to end billions of dollars in tax loopholes that, for instance, benefit the oil and gas industry. This year it’s new proposals that include expanded tax credits for the working poor, the unnamed official said.

The Congressional Budget Office forecasts deficits in the next few years will be about half of the previous four years. Those years found the recession-shadowed deficits soared to more than $1 trillion.

The unnamed senior official claims the president wants to make a deal with Republicans, but that it is not as “mathematically urgent” since “deficit spending has fallen and at any rate, the Republican House has shown no inclination to agree to one.”

No response on that comment yet from the GOP leadership.

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