A bipartisan group of senators introduced the Protecting Retirement Opportunities and Maintaining Income Security for Everyone (PROMISE) Act on Tuesday, seeking to establish a legislative process for Congress to consider long-term Social Security reforms before the program’s projected funding shortfall.
The proposal comes as the Social Security retirement program faces a projected funding gap. According to the latest Social Security Trustees Report, the Old-Age and Survivors Insurance Trust Fund is expected to deplete its reserves in the fourth quarter of 2032, after which incoming payroll taxes would be sufficient to pay only about 78% of scheduled retirement benefits
A New Path For Reform
The legislation was introduced by Senate Democratic Whip Dick Durbin (D-Ill.) alongside Sen. Bill Cassidy (R-La.), Sen. John Cornyn (R-Texas), Sen. Tim Kaine (D-Va.), Sen. Angus King (I-Maine) and Sen. Thom Tillis (R-N.C.).
Rather than proposing a specific fix, the PROMISE Act would establish a structured process for debating Social Security legislation. Under the bill, the bipartisan Social Security Advisory Board would develop recommendations after public input and submit a base bill designed to keep the program solvent for at least 50 years. The legislation would then move through congressional committees before receiving expedited consideration on the House and Senate floors. Senate amendments would require a 60-vote threshold, and the final bill would also need at least 60 votes to pass.
“Our bipartisan proposal opens Congress to debate this issue in a transparent, fair, and bipartisan way,” Durbin said in a statement.
Pressure Builds Ahead Of 2032
The legislation follows weeks of growing concern over Social Security’s long-term finances. Recent projections suggest that if Congress fails to act before the trust fund is exhausted in 2032, retirees could face benefit reductions of roughly 22% to 24%, translating to an average monthly cut of about $500 for many beneficiaries.
Cassidy has been among the Senate’s most vocal advocates for action. Last month, he warned that “the longer Congress does nothing, the larger the tax increase workers will face and the deeper the benefit reductions retirees will endure,” while promoting a separate proposal to establish a government-backed investment fund modeled after the Railroad Retirement system to help address Social Security’s long-term liabilities.
The reform debate has also expanded beyond retirees. A recent study by researchers at George Mason University’s Mercatus Center warned that delaying reforms could force greater government borrowing, putting upward pressure on Treasury yields, increasing borrowing costs across the economy and raising broader fiscal risks as the 2032 deadline approaches.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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