Social Security Cap on Earnings May Fall

Legislation lifting the earnings limit for Social Security recipients age 65 to 69 was unanimously approved by the House Ways and Means Committee, clearing the way for a floor vote later this week. The legislation was approved on a voice vote and stands a good chance of passing both houses of Congress despite partisan gridlock on many other issues. President Clinton has promised to sign the bill into law if it reaches his desk without too many changes. The bill would repeal a law in which about 800,000 people age 65 to 69 now lose $1 in Social Security benefits for every $3 in wages above an annual limit of $17,000. The cost to the Social Security account is estimated at $22.7 billion over 10 years.