WASHINGTON (AP) – The House is set to vote on legislation restoring full cost of living increases to benefits for military retirees under the age of 62.
The vote, hastily set for later in the day, would reverse the most controversial part of a budget bill that lawmakers approved late last year. Beginning next year, it would hold cost of living increases for military retirement benefits to 1 percent below the rate of inflation.
The cost of restoring the full increase is about $7 billion over a decade. The legislation would offset the cost by extending previously agreed cuts in some government programs by an additional year, through 2024.
The Senate is debating a similar bill.
Category: National News