Obama has previously supported cuts to Social Security retirement benefits as part of an elusive legislative "Grand Bargain," which he sought in negotiations with congressional Republicans during key moments of budgetary brinksmanship. The proposed deals would have supposedly paired the cuts with revenue increases favored by liberals.

The cut Obama came closest to passing would have come from changes to the formula used to calculate annual cost-of-living adjustments that help benefits keep pace with inflation. The White House repeatedly offered it to congressional Republican leaders during fiscal cliff talks at the end of 2012, despite the objections of then-Senate Majority Leader Harry Reid (D-Nev.).

During his re-election campaign, Obama even downplayed the difference between his position on the program and that of his Republican challenger, former Massachusetts Gov. Mitt Romney.

Obama's suggestion on Wednesday that the wealthy should pay for higher Social Security benefits fits with recent proposals by liberal Democrats in Congress, as well as Democratic presidential candidate Sen. Bernie Sanders (I-Vt.) and Democratic presidential front-runner Hillary Clinton. While Sanders supports across-the-board expansion of benefits, Clinton has come out in favor of targeted increases.

Sanders, campaigning in California, issued a statement praising Obama's announcement and urging Clinton to support his Senate legislation that would broaden benefits. “I applaud President Obama for making it clear that it is time to expand Social Security benefits,” Sanders said.