New Budget Cuts Cost of Living Adjustments for US Retirement Fund

The White House released a new budget plan Wednesday that would reduce entitlement benefits for retired Americans. The budget proposal seeks to limit Cost of Living Adjustments (COLA) to Social Security by using a less generous formula to measure inflation for computing future benefit increases. Called "Chained CPI" -- some conservatives say the plan would save the government billions of dollars. But others say the proposed changes also place an unfair burden on people who can least afford it. Mil Arcega has more.