At the end of 2010, President Barack Obama and Senate Republicans negotiated broad-based tax compromise legislation. The tax credit for retirement savings, which Obama calls the "Saver's Credit," was not part of that agreement. But the proposal lives on in the president's 2011 budget proposal, which has still not been passed, and it's possible the measure will be considered later this year.
"This proposal is expected to increase significantly both the number of Americans who save for retirement and the overall amount of amount of retirement wealth they accumulate," states the president's budget document.
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Obama's budget still asks for "Saver's Credit"
Our Sources
The White House, Budget of the United States Government, Fiscal Year 2011, Department of Labor, page 102