Bipartisan Senators Propose New Process to Address Social Security Shortfall
A bipartisan group of senators has introduced legislation aimed at addressing Social Security’s long-term financial outlook as the program’s retirement trust fund faces a projected shortfall in 2032.
The bill, called the Protecting Retirement Opportunities and Maintaining Income Security for Everyone Act, or PROMISE Act, would create an independent bipartisan advisory committee to recommend ways to restore Social Security solvency for at least 50 years. The proposal would require Congress to hold an up-or-down vote on a final plan.
The legislation is backed by Democratic Sens. Dick Durbin of Illinois and Tim Kaine of Virginia, independent Sen. Angus King of Maine, and Republican Sens. Bill Cassidy of Louisiana, John Cornyn of Texas and Thom Tillis of North Carolina. Sens. Chris Coons, D-Del., and Alan Armstrong, R-Okla., also joined before introduction.
The proposal follows the latest annual report from the Social Security Board of Trustees, which moved the projected trust fund depletion date up by one year. The report attributed the funding pressure to factors including lower birth rates, reduced immigration and lower trust fund revenue connected to recent tax and spending legislation.
If the trust fund is depleted, Social Security would not end. The program would still collect payroll taxes and pay benefits, but recipients could face reduced payments unless Congress changes current law.
Efforts to address Social Security financing have repeatedly stalled. A 2024 House-backed attempt to form a broader federal debt commission, including Social Security and Medicare, collapsed after opposition from anti-tax groups.
Debate over possible fixes remains politically difficult. Republicans have often opposed tax increases, while Democrats have generally resisted raising the eligibility age. Social Security was last significantly changed about 40 years ago, when the retirement age was gradually increased from 65 to 67.
Recent proposals include raising the payroll tax cap, which is set at $184,500 for 2026, though that idea faces organized conservative opposition.