President Obama has formally released his proposal for a 2014 budget. As expected, the plan leaves in place a cut to benefits provided under Social Security. Obama’s budget endorses a new formula to reduce Social Security cost-of-living benefits, known as a chained CPI. By doing so, Obama becomes the first Democratic president in history to target Social Security in his budget. The plan would also cut over $350 billion from Medicare, $19 billion from Medicaid, and tens of millions from the government’s heating assistance program for low-income Americans. Overall, the proposed cuts to government spending total over $1.2 trillion . Speaking at the White House, Obama said he met Republicans more than halfway.

President Obama: “If anyone thinks I’ll finish the job of deficit reduction on the backs of middle-class families or through spending cuts alone that actually hurt our economy short-term, they should think again. When it comes to deficit reduction, I’ve already met Republicans more than halfway. So in the coming days and weeks, I hope that Republicans will come forward and demonstrate that they’re really as serious — as serious about the deficits and debt as they claim to be.”