A bipartisan group of senators has introduced the PROMISE Act, a bill designed to establish a process for reforming Social Security ahead of a projected 2032 funding shortfall. The legislation, introduced on Tuesday, would create a bipartisan advisory board to draft a solvency plan for the program, which currently faces a projected 22% benefit cut if no action is taken. The bill does not propose specific tax increases, benefit cuts, or eligibility changes but instead outlines a framework for Congress to address the issue. Sponsors include Sens. Dick Durbin (D-IL), Bill Cassidy (R-LA), Tim Kaine (D-VA), Thom Tillis (R-NC), Angus King (I-ME), and John Cornyn (R-TX).
The move follows the annual Social Security trustees report released in June, which projected that the program's retirement trust fund could become insolvent by 2032, a year earlier than previously forecast. The report warned that without congressional action, benefits would be reduced to 78% of scheduled payments starting in 2032. The PROMISE Act would require the advisory board to develop a plan to ensure solvency for at least the next 50 years, with any proposal subject to congressional committee review and an up-or-down vote.
Sen. Durbin emphasized the urgency of addressing the issue, stating that 'the longer Congress waits, the more difficult it will be to address the program's financial shortfall.' The bill is one of several legislative efforts to address Social Security's funding challenges, though previous proposals have not advanced to a vote. The legislation aims to force Congress to confront the issue by guaranteeing a vote on a solvency plan.