GOP backs off Social Security income change

Republicans on Sunday conceded on their demand that any “fiscal cliff deal trim Social Security cost-of-living increases, signaling the end — for now — of their push to reform entitlements in exchange for higher tax rates.
Proponents said they might try to revisit the issue next year, but senators from both parties said they were playing a losing hand when they appeared to be demanding cuts to the federal governments public pensions program in exchange for protecting tax rates for families making more than $250,000.
“Im not a fan of affecting those who are currently on Social Security — especially the more elderly, said Sen. Olympia J. Snowe, Maine Republican. “Thatll probably be part of a larger debate in conjunction with the debt ceiling next year, and other issues regarding entitlement reform.