WASHINGTON (AP) - President Barack Obama is proposing cuts to Social Security as an attempt to compromise with Republicans on the budget.
A senior administration official says the budget Obama will offer to Congress next Wednesday would reduce the deficit by $1.8 trillion over 10 years. It includes a revised inflation adjustment called "chained CPI" that would curb cost-of-living increases in Social Security and other benefit programs.
The senior administration official stressed it is not the president's preferred approach but a compromise proposal to try to reach a long-term budget deal. Obama first made the offer to House Speaker John Boehner last year.
The official spoke on a condition of anonymity since the budget has yet to be released. Technically, the administration actually would be limiting the growth of Social Security.
The tax would need approval by Missouri voters and would automatically go to another statewide vote after 10 years. It's expected to generate nearly $8 billion over a decade, with 10 percent dedicated to local transportation needs.
Senators gave the measure first-round approval Wednesday.
The legislation requires the Highways and Transportation Commission to develop a list of projects before the tax goes on the ballot. The commission would prepare an annual status report for the governor and the Legislature.
When the increased sales tax is in effect, Missouri's gas tax would be frozen and existing roads could not be become toll roads.