Senate’s Bipartisan Bill Attempts to Save Social Security from Austerity Cuts
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Senators have introduced the PROMISE Act, which would force Congress to address Social Security’s looming crisis before 2032, when benefits could be slashed by 22%. The bill creates a bipartisan committee to recommend solutions, but critics warn it could open the door to benefit cuts instead of demanding the wealthy pay their fair share.
A bipartisan group of senators has introduced the Protecting Retirement Opportunities and Maintaining Income Security for Everyone (PROMISE) Act, a bill that would force Congress to vote on a long-term plan to restore Social Security’s solvency before the trust fund is expected to be depleted in 2032. While the legislation claims to secure the program for at least 50 years, it relies on an independent bipartisan advisory committee—raising concerns that corporate interests and conservative voices could dominate the process, prioritizing fiscal austerity over the needs of working people. The bill sets a procedural timeline, moving the proposal to the House Ways and Means Committee and the Senate Finance Committee, with automatic discharge to the floor if the committees do not act. Final passage would require a simple majority in the House and a three-fifths majority in the Senate, potentially allowing a minority to block real progress.
Senate Democratic Whip Dick Durbin said the bill offers “a chance to agree on a bipartisan process to rescue Social Security this year.” However, Republican Sen. Bill Cassidy’s warning that “millions of Americans rely on Social Security… in six years, those families will see a 22% cut to their benefits if Congress doesn’t act,” ignores the fact that Congress has failed for decades to ask the wealthiest Americans and corporations to contribute more. Republican Sen. Thom Tillis’s comments about limiting tax hikes reveal the right’s ongoing resistance to progressive revenue solutions. Democratic Sen. Tim Kaine called the legislation a necessary step to prevent “broad-based benefit cuts,” but the bill’s structure may still leave working families vulnerable if the wealthy are not held accountable.
The nonpartisan Committee for a Responsible Federal Budget expressed support, stating the act would establish “a thoughtful bipartisan process” to help Congress address the funding shortfall. Yet, analysts estimate that, based on the current average monthly payout of $2,071, a 22% cut would reduce benefits by roughly $450 per month, potentially pushing more than three million recipients into poverty—an outcome that could be avoided if lawmakers had the courage to tax the rich and protect the social safety net.