Republicans have decided to take a proposal to alter Social Security off the table in an attempt to reach an agreement on the fiscal cliff, reported the Huffington Post.

Many Republicans in Congress want to change Social Security so that it is tied to a chained consumer price index (CPI) rather than normal measures of inflation.

Chained CPI assumes that as certain products become more expensive, people will switch to cheaper alternatives. Some Democrats call the switch from traditional inflation to chained CPI a benefit cut, although some liberal economists support it, reported CQ Roll Call.

That's not to say that Republicans have given up on the idea altogether -- just that it could be pursued in the future, potentially as part of a debt ceiling deal, said Sen. Bob Corner (R-TN).

Just after 6 p.m., HuffPo reported that Senate Majority Leader Harry Reid (D-NV) said there would be no deal on Sunday but that "There's still time left to reach an agreement."

[Image: Blue Social Security Card on Shutterstock]