Rep. Peters Cosponsors Bill to Restore Military Retirement Cuts
SAN DIEGO, CA – Today, Congressman Scott Peters (CA-52) released the following statement after signing onto legislation that would restore the one-percent Cost of Living Adjustment (COLA) cuts to military-retiree benefits that were part of the recent bipartisan budget agreement. The bill, introduced by Rep. Dan Maffei (NY-24), would offset this change by closing tax loopholes currently exploited by corporations that incorporate in overseas tax havens but operate in the United States.
“Last week’s budget was not perfect, legislation rarely is, but it was a good step in the right direction because it reduces the chance of a government shutdown, relaxes the sequester cuts for the next two years, and provides the stability and predictability that our military and federal agencies desperately need. I have a proven record of working to fix imperfect legislation, and this budget agreement is no exception.
“It is clear that the cuts to military-retiree COLAs in the budget are not an appropriate way to cut spending and need to be addressed. The legislation I am supporting today not only restores the cut funds, but pays for it as well – instead of just adding money to our national deficit.
“Our veterans, military retirees, and their families have struggled and sacrificed for our country – it would be irresponsible to allow this cut to their promised benefits to continue.”