The Senate overwhelmingly passed a bill yesterday to restore military pension increases, CNNMoney.com reported yesterday. The Senate voted 95-to-3 in favor of the bill, which the House passed Tuesday. The measure reinstates cost-of-living hikes in the pensions for all current retirees and anyone who enlisted before Jan. 1. President Obama is expected to sign the bill in the coming days. In December, a deal to fund the federal government led Congress to trim a full percentage point from cost-of-living raises for military retirees starting in 2015, yielding $6.3 billion in savings. The move sparked outrage among veterans and retiree groups, who accused Congress of "betraying" promises made to those who risked their lives in wars overseas.
