Steve Buyer: “The annual cost-of-living adjustment, S. 2562, as amended, is one of the more important bills the Congress considers…”

“The annual cost-of-living adjustment, S. 2562, as amended, is one of the more important bills the Congress considers each year since it was first provided in 1976. Briefly, S. 2562, as amended, would authorize a cost-of-living adjustment--COLA--to VA's disability compensation effective December 1, 2006, as well as publication of the rates. The Congressional Budget Office currently projects the COLA will be 2.2 percent. However, it may be higher or lower depending on changes in the Consumer Price Index. The exact percentage will be calculated in the next few weeks and the COLA will go into effect on December 1, 2006. The cost of providing a COLA is assumed in the Administration's budget baseline. Likewise, H.R. 5385, the Military Quality of Life and Veterans Affairs, and Related Agencies Appropriations Bill, 2007, fully funds this year's veterans COLA.”