Bipartisan Senate bill seeks to avert 22% Social Security cuts
Senators introduced the PROMISE Act to require congressional votes on a long-term solvency plan before the Social Security trust fund is projected to run out in 2032, which could trigger a 22% reduction in benefits.
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. The legislation mandates an independent bipartisan advisory committee to develop recommendations aimed at securing the program for at least 50 years and sets a procedural timeline that would move 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.
Senate Democratic Whip Dick Durbin said the bill offers “a chance to agree on a bipartisan process to rescue Social Security this year.” Republican Sen. Bill Cassidy warned 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.” Republican Sen. Thom Tillis noted that the longer Congress delays, the fewer options remain to preserve benefits and limit tax hikes. Democratic Sen. Tim Kaine called the legislation a necessary step to prevent “broad-based benefit cuts” when the trust fund is exhausted.
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. 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.