A bipartisan coalition of six senators unveiled legislation designed to create a structured process for addressing Social Security’s long-term financial challenges. The bill, titled the PROMISE Act (Protecting Retirement Opportunities and Maintaining Income Security for Everyone), would establish procedures for Congress to consider various reform proposals for the federal program that currently provides monthly benefits to more than 71 million Americans.
The initiative follows warnings from the Social Security trustees, who projected in June that the program’s retirement trust fund could be depleted in the fourth quarter of 2032, with the system potentially able to pay only 78% of scheduled benefits at that point. The trustees also reported that the 75-year solvency gap for Social Security widened to 4.42% of payroll. Introducing senators include Dick Durbin of Illinois, Bill Cassidy of Louisiana, John Cornyn of Texas, Tim Kaine of Virginia, Angus King of Maine, and Thom Tillis of North Carolina.
The proposed legislation would assign the Social Security Advisory Board, an independent bipartisan entity, responsibility for developing a base bill after soliciting public input. Any recommendations would be required to ensure at least 50 years of program solvency. The bill would then follow standard congressional procedures, with consideration by the Senate Finance Committee and House Ways and Means Committee before floor votes requiring 60-vote thresholds in the Senate for passage.
Various reform approaches have been discussed among lawmakers, including adjustments to the retirement age, modifications to tax structures, and proposals to remove or raise the payroll tax cap currently set at $184,500. Some proposals have suggested establishing investment mechanisms similar to changes made to the Railroad Retirement system. The PROMISE Act would establish a review process every 10 years to reassess solvency projections and trigger similar legislative procedures if future shortfalls are projected.
Proponents, including the Committee for a Responsible Federal Budget, characterized the legislation as providing a transparent framework for bipartisan consideration of Social Security proposals without predetermined outcomes or bypassing standard legislative procedures.
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