PROMISE Act Would Force Action on Social Security Solvency

A group of seven senators introduced a bipartisan proposal Tuesday to encourage congressional action on Social Security in the form of Protecting Retirement Opportunities and Ensuring Income Security for All (PROMISE) Act.

The bill is sponsored by Senator Tim Kaine (D-VA), a member of the Senate Health, Education, Labor and Pensions (HELP) Committee, and Senators Dick Durbin (D-IL), Bill Cassidy (R-LA), Tom Tillis (R-NC), and Angus King (I-ME). Senators Chris Coons (D-DE) and Alan Armstrong (R-OK) signed the bill just before it was introduced.

The introduction of the bill took place after the Board of Trustees of Social Security annual reportwhich found that the Social Security Trust Fund will only be able to cover 78% of benefits in 2032 — meaning Americans who rely on the program will see their benefits cut by 22% if Congress doesn’t act.

“For nearly a century, Social Security has been a lifeline that allows Americans to retire with dignity. Congress should not wait until the last minute to shore up this critical program and prevent sweeping benefit cuts after the Trust Fund runs out,” said Senator Kaine. “That’s why I’m joining a bipartisan group of my colleagues in introducing legislation that will encourage Congress to roll up its sleeves and find a way forward to ensure that current and future generations of retirees and their families can receive the benefits they’ve earned and deserve.”

Tuesday press release from Kaine noted that more than 70 million Americans receive Social Security benefits. But 2026 Trustees’ Report means seniors and people with disabilities will have their benefits reduced by $450 per month (based on the average Social Security benefit of $2,071 per month). If Congress does not act, the release said, automatic across-the-board benefit cuts could push more than three million seniors and people with disabilities into poverty.

“The longer Congress waits, the harder it will be to address this issue in the future,” said Senator Durbin, who is retiring at the end of his term. “Our bipartisan proposal opens up Congress to discuss this issue in a transparent, fair and bipartisan way. We were elected to solve problems — and there is no bigger problem than the solvency and future of Social Security. We owe it to our children and grandchildren to protect and strengthen this critical program.”

The PROMISE Law create a procedure for initiating Congressional action on Social Security. In particular, at the suggestion of senators:

• The Social Security Advisory Board (SSAB), an independent bipartisan advisory committee created to make recommendations to Congress, will submit a baseline bill to Congress (which would ensure that Social Security trust funds are funded for at least the next 50 years).

• Senate and House Majority Leaders to Introduce Bases Bill. If they don’t, any member of Congress can.

• The basic bill will be referred to the Senate Finance Committee and the House Ways and Means Committee. Both committees will have the opportunity to hold hearings and amend the base bill.

• The Senate Finance Committee and the House Ways and Means Committee will report on the base bill (with potential amendments). If the committees do not report the base bill, it will automatically be withdrawn and placed on the Senate and House calendars.

• Majority leaders in the Senate and the House of Representatives will move on to consider the bases bill (with possible amendments). If the Majority Leaders won’t do it, any member of Congress can.

• Members of Congress can offer replacement amendments (which would ensure that the Social Security Trust Funds would be funded for at least the next 50 years) to the base bill (with potential amendments) after proceeding.

• The Senate and House of Representatives will vote to pass the bases bill (with potential amendments) after 100 hours of consideration. Final passage will require a three-fifths vote in the Senate and a majority vote in the House of Representatives.

“We’ve known for years that Social Security faces serious long-term financial challenges, yet Congress has repeatedly chosen to look the other way,” said Senator King. “This legislation creates a bipartisan process to make sure Congress is finally doing its job.

Each year, Sen. Tillis said, the menu of options that preserve benefits and limit tax increases narrows.

“Social Security is on an unsustainable path that will lead to sharp cuts in benefits for retirees and growing skepticism among workers paying into a program that is on the brink of insolvency,” said Senator Tillis. “The modest reforms Congress considered in 2010 would put Social Security on a solid footing for 75 years; today, those same reforms would add less than two years to our current runway.”

According to survey from the Bipartisan Policy Center, 64% of Democrats and 61% of Republicans agree that bipartisan cooperation is needed to protect and strengthen the program. And 67% of those polled want Congress to take immediate action to address Social Security’s looming problems.

Specifically, 47% say they want Congress to address Social Security’s funding shortfall as soon as possible, with both parties working together, and another 20% say they want a bipartisan commission to develop a comprehensive plan — and for Congress to approve the plan.

The following organizations support PROMISE Law: Center for Bipartisan Policy, The Third Way, and the Committee for a Responsible Federal Budget.

SEE ALSO:

• Social Security Trustees’ 2026 Report Pushes Insolvency to 2032
• Social Security Settlement: Dr. Jason Fichtner Explains What the Trustees’ New Report Means for 401(k) Savers
• Social Security COLA forecasts are down as inflation eases in June