President Barack Obama said lawmakers are considering cutting Social Security and increasing revenues by changing the way the government measures inflation, Bloomberg reported.

Four senior congressional aides said lawmakers are discussing using an alternative measurement of inflation to determine annual cost-of-living adjustments for millions of Americans.

The idea could lead to reducing Social Security outlays by $112 billion over 10 years, raising taxes by $60 billion and cutting pensions and veterans’ disability payments by $24 billion, according to estimates by the Congressional Budget Office and the Joint Committee on Taxation.

Advocates say the change is needed because the government’s current measure of inflation overstates how quickly prices rise.

Obama met today with congressional leaders to work on a deficit-reduction plan before the debt-limit increase deadline on Aug. 2. Obama called the meeting “constructive” and “frank,” but said that the sides are “far apart on a wide range of issues.”