Obama budget to offer program cuts, seek deficit deal

U.S. President Barack Obama (C) smiles as he prepares to board Marine One to a Democratic fund raiser in San Francisco April 4, 2013. REUTERS/Kevin Lamarque

U.S. President Barack Obama (C) smiles as he prepares to board Marine One to a Democratic fund raiser in San Francisco April 4, 2013. REUTERS/Kevin Lamarque

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By Mark Felsenthal (Reuters) | Fri Apr 5, 2013 3:01am EDT
WASHINGTON - President Barack Obama will offer cuts to Social Security and other entitlement programs in a budget proposal aimed at swaying Republicans to compromise on a deficit-reduction deal, a senior administration official said on Friday.

Under a proposal that would cut the deficit by $1.8 trillion over 10 years, the president will offer to apply a less generous measure of inflation to calculate cost-of-living increases, the official said on condition of anonymity. That change would result in lower payments to some beneficiaries of the Social Security program for retirees and is staunchly opposed by many congressional Democrats as well as labor and retiree groups.

(Reporting By Mark Felsenthal; Editing by David Brunnstrom and Susan Fenton)
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