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Obama Vowed Never To Cut Social Security Cost-Of-Living Before Chained CPI Move (VIDEO)

First Posted: 04/11/13 EDT Updated: 04/12/13 EDT

During the 2008 presidential campaign, candidate Barack Obama made two specific promises when it came to Social Security.

"John McCain's campaign has gone even further, suggesting that the best answer for the growing pressures on Social Security might be to cut cost-of-living adjustments or raise the retirement age. Let me be clear: I will not do either," Obama said in a rarely viewed video that was posted online.

On Wednesday, he proposed cutting the cost-of-living adjustment.