Republicans embrace Obama’s offer to trim Social Security benefits - Medicare, Medicaid and Social Security account for nearly 40 percent of federal spending and are growing rapidly.

From The Washington Post:

President Obama’s offer to trim Social Security benefits has perplexed and angered Democrats, but GOP leaders are embracing the proposal and rushing to jump-start a debate that will delve even more deeply into the touchy topic of federal spending on the elderly.

This week, two House subcommittees plan to hold hearings on “reforms to protect and preserve” programs for retirees, starting with Obama’s proposal to apply a less generous measure of inflation to annual increases in Social Security benefits.

At the same time, House Speaker John A. Boehner (R-Ohio) said he has moved to tamp down criticism of Obama’s proposal . . .

The developments signal an important shift in the budget battle as party leaders nervously prepare again to raise the federal debt limit. After more than two years of talking about taxes and “wasteful” government spending, policymakers appear ready to move into the more serious and sensitive realm of entitlement programs.

Republican leaders have made reducing the cost of entitlements their top priority, and for good reason, budget analysts say. Medicare, Medicaid and Social Security account for nearly 40 percent of federal spending and are growing rapidly, as they must provide benefits to all who qualify, regardless of cost.

Chained CPI has come up in private negotiations and recommendations from independent groups, such as the Bowles-Simpson commission. But Obama’s decision to include it in his formal budget request — and House leaders’ decision to hold hearings with the hope of drafting bipartisan legislation — is plowing new ground.