In an effort to reach a Budget deal on increasing the debt ceiling the U.S. Senate has passively consented to turning over all negotiating to six Senators. The "Gang of Six" made up of three Democrats and three Republicans are working with President Obama to strike a balance between cutting the budget and finding ways to generate spending revenue. The new broke today that the "Gang" has put together a package that will make changes to the formula for calculating cost of living for Senior citizens currently on Social Security. The new recalculation in the cost of living equation will result in Seniors bring home appox. $500-$1000 LESS each year. For a Senior citizen on a fixed income (average income of Seniors of Social Security is $14,000 a year) this will be devastating. The ONLY Senator actively shedding light on the impact of the recalculation is Senator Bernie Sanders (I-VT). Below is the speech he gave today on this issue.
