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Congressman Bill Posey (R-Rockledge) recently cosponsored H.R. 3691, the Seniors and Veterans Economic Stimulus Act of 2009, to provide relief to seniors in anticipation of today’s announcement by the Social Security Administration that there would be no cost of living adjustment (COLA) increase in 2010 for senior citizens. H.R. 3691 would use unspent stimulus money to extend the $250 payment to Social Security recipients and veterans. Also, last month Posey voted for passage of H.R. 3631 which will freeze Medicare Part B premiums at 2009 levels ensuring there is no reduction in Social Security payments.

“Providing a onetime $250 payment and freezing Part B Medicare premiums for next year will provide some relief for those living on fixed incomes,” said Posey. “I also believe that if seniors living on fixed incomes do not get a cost of living increase then neither should Members of Congress. And, if the majority does not block the increase for 2010, I will be returning my pay raise back to the Treasury.”

This will mark the first year that an automatic increase in Social Security payments will not happen since 1975 when the policy was enacted. The annual Social Security COLA is based on a formula put in place in the early 1980s. In January, Congressman Posey cosponsored the Stop the Congressional Pay Raise Act (H.R. 156) to prevent Members of Congress from receiving any automatic pay adjustment in 2010.