As President Obama and GOP leaders continue their Alphonse and Gaston routine for avoiding action to head off sequestration, at least one area of potential agreement has come into focus.
A White House blog post on Thursday emphasized that Obama’s proposal for the long-discussed “grand bargain” is “still on the table” for House Speaker John Boehner, R-Ohio, to take up. In addition to revenue hikes, the 10-year, $1.8 trillion deficit reduction plan includes $200 billion “non-health mandatory savings.”
Among those cuts is $35 billion through “reforming federal retirement programs.”
Just the day before, House Majority Leader Eric Cantor, R-Va., had proposed “updating the federal employee retirement system to more closely track with the private sector,” to save $21 billion.
No matter how the stalemate is eventually resolved, it would seem, changes are in store for retirement benefits.