Senators from both parties have introduced the PROMISE Act, legislation designed to create a structured congressional procedure for addressing Social Security’s looming financial challenges. The act, formally titled Protecting Retirement Opportunities and Maintaining Income Security for Everyone, would establish a process through which Congress could consider and vote on various reform proposals currently languishing without floor consideration.
Social Security, which distributes benefits to over 71 million Americans monthly, relies on a pay-as-you-go funding model supplemented by trust funds. According to the annual trustees report released in June, the retirement trust fund faces depletion by the fourth quarter of 2032, at which point the program would only be able to pay approximately 78 percent of scheduled retirement benefits. The combined retirement and disability trust funds could sustain full benefit payments until 2034, after which coverage would drop to 83 percent. The report also indicated that Social Security’s 75-year solvency gap widened to 4.42 percent of payroll, a notable deterioration from the prior year’s 3.82 percent.
The bill is sponsored by a diverse coalition of lawmakers: Senators Dick Durbin of Illinois and Tim Kaine of Virginia representing Democrats, along with Republicans Bill Cassidy of Louisiana, John Cornyn of Texas, and Thom Tillis of North Carolina, plus Independent Angus King of Maine. The sponsors emphasized the urgency of legislative action, noting that Congress has proposed numerous Social Security reform measures but has brought virtually none to a vote.
Under the PROMISE Act framework, the Social Security Advisory Board would develop a base bill incorporating public input and ensuring at least 50 years of program solvency. The base bill would then proceed through the Senate Finance Committee and House Ways and Means Committee before receiving 100 hours of floor consideration in each chamber. Amendments would require 60 votes to pass in the Senate, and final passage would also demand a 60-vote threshold. The legislation would additionally establish a solvency review process every decade that would activate the same procedural framework if future shortfalls are projected.
Various reform approaches have been proposed by different lawmakers, ranging from adjustments to the payroll tax cap to modifications of the retirement age. The process established by the PROMISE Act aims to provide a transparent pathway for Congress to deliberate on these options without predetermining outcomes or bypassing standard legislative procedures.
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