New Enlistees Still Get Hurt Despite Veteran Pension Deal
The Senate and House have both now voted to reverse the veteran pension cuts that would have gotten rid of the COLA adjustments. However, this deal does not include those who enlist in the military after January 2014, this will still not receive a COLA adjustment. The bill has been sent to the president for his approval.
Democrats and Republicans in the U.S. Congress joined together on Wednesday to reverse a cut in pensions for working-age military retirees, as lawmakers yielded to election-year pressure to scrap a deficit reduction measure they approved only two months ago.
Final action came when the Senate voted 95-3 in favor of a measure that had been overwhelmingly embraced by the House a day earlier.
The cut in military pensions was approved in December in a bipartisan House-Senate deal that replaced two years’ worth of automatic, across-the-board spending cuts known as the sequester with more targeted savings.
The pension cuts would have affected 750,000 military veterans, although many have other jobs.
Supporters of the cut hailed it as an initial step toward curbing spending on costly entitlement programs that are consuming an ever-greater share of spending.