Senators introduce bipartisan plan to tackle Social Security insolvency
Summary
A group of senators from both parties introduced the Promise Act to address Social Security’s financial problems. The bill aims to create a plan that keeps Social Security funded for the next 50 years without cutting benefits or raising taxes right now.Key Facts
- Social Security’s retirement trust fund may run out by 2032, causing a 22% benefit cut if Congress does not act.
- The Promise Act directs the Social Security Advisory Board to develop a plan to keep the program funded for 50 years.
- The bill does not raise taxes, cut benefits, or change eligibility immediately.
- Senators Dick Durbin, Bill Cassidy, Tim Kaine, Thom Tillis, and Angus King support the bill.
- Any plan from the advisory board would be introduced by congressional leaders and need approval from both the House and Senate.
- Social Security faces a funding gap because spending is growing faster than income.
- Previous efforts to fix Social Security’s funding have not passed in Congress.
- Policy groups like the Bipartisan Policy Center and Progressive Policy Institute support the Promise Act.
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