Bipartisan Senators Introduce PROMISE Act to Streamline Social Security Reform
A group of senators from both parties has unveiled legislation to create a formal process for considering Social Security reforms before the program's trust fund is projected to run out.
A bipartisan coalition of senators has introduced the PROMISE Act, a bill designed to establish a structured legislative pathway for Social Security reform. The proposal aims to address the program’s projected shortfall, which the latest trustees report says could limit benefit payments to about 78% of scheduled amounts by 2032.
The bill, sponsored by Senators Dick Durbin, Bill Cassidy, John Cornyn, Tim Kaine, Angus King and Thom Tillis, would task the independent Social Security Advisory Board with drafting a base bill after public consultation. The draft would then move to the Senate Finance Committee and the House Ways and Means Committee before receiving up to 100 hours of floor debate in each chamber. Passage would require a 60-vote threshold in the Senate for both amendments and the final bill.
Durbin said, "Social Security is the bedrock promise of a secure retirement, earned after a lifetime of hard work. But the longer Congress waits, the more difficult it will be to address the program's financial shortfall." Cassidy added that he wants the legislation completed before his term ends.
The act also proposes a ten-year solvency review that would trigger the same floor procedures if future projections indicate a funding gap. Analysts note that the trust fund for old-age and survivors insurance could be depleted by the fourth quarter of 2032, three months earlier than previously expected, raising concerns about broader economic impacts.