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House Reverses Pension Cuts to Military Vets

The House has passed a bill that would reverse a cut to pensions to military retirees set into motion by the budget deal forged last year.

The vote was 326-90, with one member voting present.

The bill now goes to the Senate, lawmakers are considering a similar fix, but the path forward in that chamber is unclear as negotiations around a possible offset continue.

The House bill would reverse a one percent cost of living adjustment (COLA) for working age military retirees, which was put into the budget deal crafted by Rep. Paul Ryan, R-Wis., and Sen. Patty Murray, D-Wash.

The cuts were estimated to save about $6 billion.

The legislation that passed the House would change the one percent cut so that it only applies to those members, or former members of an armed force, who became a member of a uniformed service on or after January 1, 2014.

The costs in the House bill would be offset by extending sequestration spending levels for mandatory spending, specifically Medicare, into 2024.