Obama to offer entitlement cuts in exchange for revenue hikes

President Barack Obama plans to propose an annual budget that will include reductions in Medicare and Social Security, White House officials said. The president is offering chained CPI -- an inflation formula that reduces cost-of-living payments for Social Security benefits -- in an effort to compromise with Republicans. House Speaker John Boehner, however, said he would reject any proposal that predicates spending cuts on new taxes.

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