The president’s new position on Social Security has been several years in the making. In 2011, after Democrats were walloped in mid-term elections, Obama sought a deal with then-House Speaker John Boehner that would have, among other things, slowed the growth of future benefits. In 2014, Obama dropped the policy from his budget proposal; the White House at the time blamed Republicans for "a lack of willingness to negotiate on a deficit reduction deal."
Obama Wednesday proposed to pay for the expansion by "asking the wealthiest Americans to contribute a little bit more." The president previously has supported lifting the cap on wages subject to Social Security’s payroll tax, currently $118,500, to increase the program’s revenues.