Bill fights inflation erosion of Social Security benefits
Democrats warn the Republican drug benefit lacks COLA tied premium caps. They seek legislation to limit Part B and Part D premium increases to 25 percent of Social Security inflation, preserving at least 75 percent of COLA for seniors while noting aid to low income recipients.
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Congress extends tax cuts through 2006 to curb rise
Negotiators from House and Senate reached a two year extension of Bush era tax cuts for wage earners parents and married couples through 2006. The plan freezes the alternative minimum tax offers a $1000 child tax credit and lower rates for some high tax burden married couples. Aimed to avert tax increases by year end but deficits concerns linger as offsets via closing shelters were not agreed.
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