Senator Webb Cosponsors Bipartisan Bill to Give Veterans Overdue Cost-of-Living Adjustment

COLA increase would affect over 3.5 million veterans and survivors receiving benefits

Senator Jim Webb (D-VA), a member of the Senate Veterans’ Affairs Committee, today joined Senator Patty Murray (D-WA) to introduce legislation to increase veterans' compensation through a Cost-of-Living Adjustment (COLA).  The COLA increase would affect several important benefits, including veterans’ disability compensation, and it is projected that over 3.5 million veterans and survivors would be affected in Fiscal Year 2012. 

“For the past two years, the cost of basic necessities has risen, but veterans’ benefits have not kept pace," said Senator Webb.  “It is fair and appropriate to give our veterans compensation that reflects today’s cost of living.” 

The Veterans' Compensation Cost-of-Living Adjustment Act of 2011 directs the Secretary of Veterans Affairs to increase the rates of veterans’ compensation to keep pace with a rise in the cost-of-living, should an adjustment be prompted by an increase in the Consumer Price Index (CPI).  The bill specifies that the increase would affect veterans’ disability compensation, dependency and indemnity compensation for surviving spouses and children, and certain related benefits.                             

The COLA increase for veterans will match the annual increase provided to Social Security recipients. The COLA is designed to offset inflation and other factors that lead to the rising cost of living over time.  The COLA rate is based on the Bureau of Labor Statistics Consumer Price Index. 

A bipartisan group of Senators have also co-sponsored the bill including: Ranking Member Senator Richard Burr (R-NC), Senator John D. Rockefeller IV (D-WV), Senator Daniel Akaka (D-HI), Senator Bernie Sanders (I-VT), Senator Sherrod Brown (D-OH), Senator Jon Tester (D-MT), Senator Mark Begich (D-AK), Senator Johnny Isakson (R-GA), Senator Roger Wicker (R-MS), Senator Mike Johanns (R-NE), Senator Scott Brown (R-MA), Senator Jerry Moran (R-KS), and Senator John Boozman (R-AR).