President Obama asked Congress for $13 billion to send $250 checks to all Social Security recipients this year. One of the reason that the President thought this was necessary is because there will be no cost of living increase this year because inflation has remained low.
Unfortunately for Social Security recipients, there will be no $250 checks showing up in the mail. This is because Congress did not approve the President’s request.
Why the pushback now? Many in Congress claim that they are worried about the ballooning federal deficit. Adding another $13 billion to an already huge deficit would not be financially responsible for the federal government, they argue.
Other Congressional representatives – especially those in states with a large elderly population – are in favor of the one-time check. In their minds, only giving Social Security recipients a cost of living increase when inflation rises does not adequately protect them from “real” cost of living changes.
There has been a great deal of confusion about this year’s $250 checks. Many Social Security recipients, including those on disability, have been looking forward to the checks arriving in the mail. However, unless things change in Congress it looks like recipients are out of luck this year.