Bipartisan Senate bill aims to safeguard Social Security for next 50 years
Senators introduced the Promise Act, a bipartisan proposal that would task a seven-member advisory board with drafting legislation to keep Social Security's trust funds solvent for at least half a century.
A group of seven senators from both parties introduced the Promise Act on Tuesday, seeking to address the projected insolvency of Social Security's retirement trust fund, which the latest trustees' report says could occur as early as 2032. The bill does not propose tax increases, benefit cuts, or changes to eligibility; instead, it would require the bipartisan Social Security Advisory Board to develop a reform bill based on public input, with the goal of preserving the program’s finances for the next 50 years.
"Congress has known about this challenge for more than a decade, but it has not taken up these politically challenging issues," said Sen. Dick Durbin, D-Ill., a sponsor of the legislation. "And the longer Congress waits, the more difficult it will be to address this issue in the future."
The advisory board’s proposal would be introduced in both chambers by congressional leaders, then referred to committees for hearings and possible revisions. Passage would require a three-fifths vote in the Senate and a simple majority in the House. Additional sponsors include Sen. Bill Cassidy (R-La.), Sen. Tim Kaine (D-Va.), Sen. Thom Tillis (R-N.C.), and Sen. Angus King (I-Me.).
Policy groups such as the Bipartisan Policy Center and the Progressive Policy Institute praised the measure, noting its potential to create a regular review process and encourage bipartisan solutions. Ben Ritz, vice president of policy development for the Progressive Policy Institute, said the act should be commended for offering a mechanism to fast-track bipartisan action and for establishing recurring checks to prevent future funding cliffs.