Senate introduces bipartisan bill to address Social Security funding gap

A bipartisan coalition of senators introduced the Protecting Retirement Opportunities and Maintaining Income Security for Everyone (PROMISE) Act on Tuesday, aiming to compel Congress to adopt a long-term solution for Social Security’s projected funding shortfall, now expected by 2032.

The legislation would create an independent, bipartisan advisory committee tasked with recommending a solvency plan and would require an up-or-down vote on any proposal that restores the program’s finances for at least half a century.

"The longer Congress waits, the more difficult it will be to address the program's financial shortfall," said Sen. Dick Durbin, D-Ill., one of the bill's authors.

Durbin, who is retiring, joined Democratic Sen. Tim Kaine, independent Sen. Angus King, and Republican senators Bill Cassidy, John Cornyn and Thom Tillis in backing the measure. Senators Chris Coons and Alan Armstrong also signed onto the bill before its introduction.

The bill follows the latest Social Security Board of Trustees report, which warned that the retirement trust fund will run out of reserves in 2032, a year earlier than previously projected. Lawmakers have previously attempted to tackle the issue, including a 2024 House effort to form a federal debt commission that stalled after lobbying by tax-policy groups.

Analysts attribute the looming funding gap to demographic trends such as lower birth rates and reduced immigration, as well as reduced trust-fund revenue linked to recent tax and spending legislation. While the program would continue paying benefits after the trust fund is depleted, payments would be reduced.

The proposal arrives amid ongoing bipartisan discussions about options such as raising the payroll-tax cap, a topic highlighted in a recent op-ed by Senators Elizabeth Warren and Bernie Moreno.