Akaka Urges Signing of Veterans' Compensation COLA Act into Law

Washington, D.C. -- The President now has nine days to sign into law a bill that would raise the compensation veterans receive by 4.1 percent. The Senate and House of Representatives passed the Veterans' Compensation Cost-of-Living Adjustment Act of 2005, which as of December 1, 2005, would increase the rates of veterans' disability compensation, additional compensation for dependents, the clothing allowance for certain disabled adult children of veterans, and dependency and indemnity compensation for surviving spouses and children.

Senator Daniel K. Akaka, Ranking Member on the Senate Veterans' Affairs Committee, praised the bill's passage. "The COLA is critical in helping veterans and their families to deal with increasing costs. Veterans deserve no less and it is the least Congress can do for them," said Senator Akaka.

"It has been widely reported that as the oil shock ripples throughout the economy, the price of consumer goods will sharply increase. The 4.1 percent increase could not come at a better time," Senator Akaka said. "I look forward to the President signing this bill into law."