Obama Calls For $250 Payments To Seniors

President Barack Obama is calling on Congress to approve $250 payments to more than 50 million seniors to make up for no increase in Social Security next year.

The White House put the cost at $13 billion.

The Social Security Administration is scheduled to announce Thursday that there will be no cost of living increase next year. By law, increases are pegged to inflation, which has been negative this year.

It would mark the first year without an increase in Social Security payments since automatic adjustments were adopted in 1975.

The $250 payments would also go to those receiving veterans benefits, disability benefits, railroad retirees and public employee retirees who don't receive Social Security.