We should thank our lucky stars that we have Bernie Sanders in the Senate. The Senate on Friday evening voted to block cuts in benefits for Social Security and disabled veterans.

The amendment by Sen. Bernie Sanders (I-Vt.) put the Senate on record against changing how cost-of-living increases are calculated in a way that would result in significant cuts.

“The time has come for the Senate to send a very loud and clear message to the American people: We will not balance the budget on the backs of disabled veterans who have lost their arms, their legs and their eyesight defending our country. We will not balance the budget on the backs of the men and women who have already sacrificed for us in Iraq and Afghanistan, nor on the widows who have lost their husbands in Iraq and Afghanistan defending our country,” Sanders said.

The amendment opposed switching from the current method of measuring inflation to a so-called chained consumer price index. President Barack Obama favors a chained CPI as part of what the White House calls a “grand bargain” that Obama hopes to reach with congressional Republicans.

The proposed change would affect more than 3.2 million disabled veterans receiving disability compensation benefits from the Department of Veterans Affairs. Veterans who started receiving VA disability benefits at age 30 would have their benefits reduced by $1,425 at age 45, $2,341 at age 55 and $3,231 at age 65. Benefits for more than 350,000 surviving spouses and children who have lost a loved one in battle also would be cut. Dependency Indemnity Compensation benefits already average less than $17,000 a year.

More than 55 million retirees, widows, orphans and disabled Americans receiving Social Security also would be affected by the switch to a chained CPI. That figure includes 9 million veterans with an average yearly benefit of about $15,500. A veteran with average earnings retiring at age 65 would get nearly a $600 benefit cut at age 75 and a $1,000 cut at age 85. By age 95, when Social Security benefits are probably needed the most, that veteran would face a cut of $1,400 – a reduction of 9.2 percent.

A chained CPI would cut Social Security benefits for average senior citizens who are 65 by more than $650 a year by the time they are 75 years old, and by more than $1,000 once they reach 85.

A fiery President Barack Obama used his weekly address this morning to challenge Senate Republicans on their refusal to name a consumer watchdog to head the new Consumer Financial Protection Bureau.

Making his case:

See, for too long, the rules weren’t the same on Wall Street as they were on Main Street. Risky bets were made with other people’s money. Some folks made a lot of money taking advantage of consumers. It was wrong. And this irresponsible behavior on the part of some contributed to the worst financial crisis since the Great Depression.

He got specific about a measure that could fix the problem, then making it clear that Republicans are holding up action:

As the former Attorney General of Ohio, Richard (Cordray) helped recover billions of dollars on behalf of retirees and stood up to dishonest lending practices. He has the support of most Attorneys General across the country, both Democrats and Republicans. Members of Congress from both parties say he’s more than qualified for the job. And yet on Thursday, Republicans blocked his nomination. They refused to even allow it to come up for a vote.

That doesn’t make any sense. Do Republicans in Congress think our financial crisis was caused by too much oversight of mortgage lenders or debt collectors? Of course not. And every day America has to wait for a new consumer protection watchdog is another day that dishonest businesses can target and take advantage of students, seniors, and service members.

Slam! It's a two-fer as he also gets in a jab at the GOP for blocking payroll tax relief for the middle class, and wraps it up with a holiday-themed final jab (Maybe that makes it a "threefer", ...or triple-play?):

Now is not the time for playing politics. Now is the time to do what’s right for the American people.

No one should go home for the holidays until we get this done. So tell your Members of Congress, don’t be a Grinch. Tell them to do the right thing for you and for our economy.

A full transcript is available online at the White House website.