Decades in the making, the bill would repeal two federal policies - the Windfall Elimination Provision and the Government Pension Offset - that currently limit Social Security payouts for roughly 2.8 million people. This bill aims to enhance the financial well-being of public employees who have historically been impacted, ensuring they receive more equitable benefits from the Social Security system, which will greatly help those that are unable to access full benefits.
The budgetary effect of the legislation is considerable, adding an estimated $195 billion to federal deficits over 10 years, according to the Congressional Budget Office. The increase in costs raises concerns among some lawmakers about the sustainability of funding the expanded benefits while the Social Security Trust funds are projected to face their own issues in the near future, necessitating a balance between fiscal responsibility and providing support.
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