The Social Security trust fund faces potential depletion in approximately six years, prompting lawmakers to seek solutions. A bipartisan group of senators introduced the PROMISE Act earlier this month, which would establish an accelerated legislative process for addressing the program’s solvency.
The PROMISE Act would task the Social Security Advisory Board with developing a plan to ensure trust fund solvency for 50 years, then move it through Congress using a streamlined procedure requiring a three-fifths Senate majority and simple House majority. However, AARP, a nonprofit senior advocacy organization, announced opposition to the measure on July 21. The organization contends that the expedited process could compromise transparency and democratic accountability by limiting committee oversight, public input, and the ability of lawmakers to amend proposals.
According to the Social Security trustees report released in June, the Old-Age and Survivors Insurance trust fund may become depleted in the fourth quarter of 2032, at which point only 78 percent of scheduled benefits would be payable. If combined with the disability fund, depletion could occur in the third quarter of 2034, when 83 percent of benefits would remain payable.
Supporters of the PROMISE Act argue the measure does not circumvent normal legislative processes but rather ensures Social Security receives substantial congressional attention. The Bipartisan Policy Center and Committee for a Responsible Federal Budget have endorsed the proposal as a means to break the legislative stalemate on this issue. Two other recent proposals similarly aim to address Social Security solvency through bipartisan commissions.
Any Social Security changes ultimately require approval from both chambers of Congress and both political parties. Proponents caution that delays in addressing the program’s finances will increase long-term costs and narrow future policy options.
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