BREAKING: Tester, Moran’s Bipartisan Bill to Deliver Cost of Living Increase for Veterans Heads to President’s Desk

(U.S. Senate) - The Senate unanimously passed Senate Veterans' Affairs Committee Chairman Jon Tester (D-Mont.) and Ranking Member Jerry Moran (R-Kan.)'s Veterans' Compensation Cost-of-Living Adjustment (COLA) Act- bipartisan legislation to ensure the rate of compensation for veterans with service-connected disabilities and military survivors under the Department of Veterans Affairs (VA) keeps pace with the cost of living.

This bill now heads to the President's desk to be signed into law.

"At a time when folks are struggling with rising costs, from housing to groceries, veterans deserve absolute certainty when it comes to providing for their families," said Chairman Tester. "Boosting veterans' hard-earned benefits to keep pace with the cost of living is a necessary cost of war, and I'm proud this bipartisan legislation will deliver a benefits increase to millions of disabled veterans and survivors nationwide-including 30,000 in Montana."

"We have a responsibility to provide care and support for our nation's veterans and their families," said Ranking Member Moran. "With the rising costs of goods and living expenses, many disabled veterans and their dependents, including survivors, rely on VA for essential financial support. Making certain earned benefits stay on pace with rising prices will help provide veterans and their families with much-needed peace of mind. I am thankful for the support of my colleagues on this important legislation and look forward to the President signing it into law."

The Senators' bill would increase certain VA benefits including disability compensation, clothing allowances, and dependency and indemnity compensation for surviving spouses and children to reflect increases in the cost of living. The cost-of-living adjustment will match the annual COLA adjustment to social security benefits, as determined by the Social Security Administration, and would go into effect December 1, 2024. The Social Security Administration bases its annual COLA on the Consumer Price Index, as determined each October by the Labor Department's Bureau of Labor Statistics.<_o3a_p>