Congress Passes Social Security Fairness Act amidst Fiscal Concerns

The U.S. Congress passed the Social Security Fairness Act to boost retirement payments for public pension recipients like police and firefighters. Critics warn this could weaken the program financially, with the bill estimated to cost $196 billion over a decade and affecting Social Security beneficiaries.

Early on Saturday, the U.S. Congress approved a measure aimed at boosting Social Security retirement payments for select retirees receiving public pensions, including former police officers and firefighters. The move, known as the Social Security Fairness Act, has prompted concern about its financial impact on the already-stressed program.

The Senate, in a strong bipartisan 76-20 vote, passed the bill shortly after midnight, following prior approval by the House of Representatives in a 327-75 vote. This sends the legislation to President Joe Biden for signing, though the White House has yet to comment on whether Biden intends to enact the measure.

Budget experts warn of potential financial drawbacks, with the Congressional Budget Office projecting a $196 billion cost over the next decade. Despite overwhelming legislative support, critics worry that the new provisions—impacting around 3% of Social Security beneficiaries—might hasten the program's financial challenges.

(With inputs from agencies.)