Eight senators from both parties introduced the PROMISE Act on July 14, proposing a new procedure intended to force congressional consideration of Social Security's long-term financing gap.

Under the proposal, the independent Social Security Advisory Board would prepare a base bill designed to keep the trust funds solvent for at least 50 years. Congress would then consider that plan under a defined timetable, with final passage requiring three-fifths support in the Senate and a majority in the House.

The legislation does not itself settle the hardest policy choices. It neither orders a benefit reduction nor specifies a tax increase. Its purpose is to create a bipartisan route to a future plan and an up-or-down congressional vote, so the practical effect would depend on the recommendations produced and whether lawmakers accept them.

The latest trustees' projection says the program could cover about 78 percent of scheduled benefits in 2032 if Congress does not act. That describes a partial funding gap, not the end of Social Security. The bill has been introduced, but it has not yet passed either chamber.

Source: Office of Sen. Dick Durbin ↗

Source: Associated Press ↗