Obama budget to offer program cuts, seek deficit deal: official

U.S. President Obama smiles as he prepares to board Marine One to a Democratic fund raiser in San FranciscoWASHINGTON (Reuters) - President Barack Obama will offer cuts to Social Security and other entitlement programs in a budget proposal aimed at swaying Republicans to compromise on a deficit reduction deal to put the country's finances on a sounder footing, a senior administration official said on Friday. The president will offer to apply a less generous measure of inflation to calculate cost-of-living increases, the official said on condition of anonymity. That change would result in lower payments to some beneficiaries of the Social Security program for retirees. ...