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Republicans insisting on smaller social security checks as part of fiscal cliff deal, CNN reports

U.S. Capitol
U.S. Capitol

CNN is reporting Sunday afternoon that fiscal cliff talks have hit a major obstacle.

Citing a “Democratic source,” CNN says that “Republicans are now insisting that any fiscal cliff deal include ‘chained CPI,’ which Democrats consider a ‘poison pill.'”

A “chained CPI” would mean in most cases smaller social security checks for persons in that program.

CNN says that the Democratic source revealed the information in order to put pressure on Republicans to make concessions and come to an agreement.

Congress and the President have until December 31st to make a deal on extending the Bush-era tax cuts.  No deal would mean higher taxes for many Americans and large budget cuts.

Negotiations in Washington are set to continue Sunday afternoon.

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