Six senators from both parties introduced the PROMISE Act, legislation designed to create a structured legislative process for addressing Social Security reform. The proposal comes as the program faces mounting financial pressures, with the most recent trustees report projecting that the retirement trust fund could be depleted in late 2032, three months earlier than previously estimated.
Social Security, which serves more than 71 million Americans monthly, relies on a combination of payroll taxes and trust funds to pay benefits. According to the trustees report released in June, the program may only be able to cover 78 percent of scheduled retirement benefits once the trust fund is exhausted. The solvency gap for the program widened significantly, rising to 4.42 percent of payroll from 3.82 percent in the prior year.
The bipartisan group sponsoring the measure includes Democratic Whip Dick Durbin of Illinois, along with Republicans Bill Cassidy of Louisiana, John Cornyn of Texas, and Thom Tillis of North Carolina, plus Democrats Tim Kaine of Virginia and independent Angus King of Maine. The lawmakers emphasized the urgency of addressing the issue, with Durbin noting that delays make solutions increasingly difficult to implement.
The PROMISE Act would task the Social Security Advisory Board, an independent bipartisan entity, with developing a base bill after collecting public input. That proposal would then move through the Senate Finance Committee and House Ways and Means Committee before advancing to floor votes in both chambers. Any final legislation would require a 60-vote threshold in the Senate and must ensure at least 50 years of program solvency. The framework would also establish a decennial review process to reassess funding every 10 years.
Various reform proposals have been circulated among lawmakers, including raising the retirement age, increasing taxes on high earners, and adjusting the payroll tax cap. Some members have advocated for structural changes such as creating a separate investment fund modeled on federal Railroad Retirement modifications.
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