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With the Social Security trust fund projected to run out of money in 2032, a bipartisan group of senators has introduced the PROMISE Act to jumpstart Congressional debate and prevent a 22% cut to monthly benefits for more than 70 million Americans. The Protecting Retirement Opportunities and Maintaining Income Security for Everyone (PROMISE) Act creates a step-by-step process for Congress to consider reforms before the program faces automatic reductions.
Led by Senators Dick Durbin (D-Illinois) and Bill Cassidy (R-Louisiana)—both leaving the Senate soon—the bill is also sponsored by Senators Thom Tillis (R-North Carolina), Tim Kaine (D-Virginia), John Cornyn (R-Texas), Angus King (I-Maine), Chris Coons (D-Delaware), and Alan Armstrong (R-Oklahoma). The PROMISE Act would require the Social Security Advisory Board, an independent and bipartisan committee, to submit a base reform bill ensuring at least 50 years of program solvency. Congress would then have 100 hours to debate, amend, and vote on it, making inaction much harder than in previous attempts.
If no action is taken, retirees and people with disabilities could see their monthly payments drop by about $450 starting in 2032, based on the current average benefit of $2,071. The PROMISE Act aims to ensure Congress cannot ignore the looming shortfall by setting up a system where future funding gaps would trigger the same fast-track debate and voting process every decade.
Some senators have already floated various solutions, such as raising the retirement age, increasing taxes on high earners, or creating a separate investment fund for Social Security. However, most proposals have not reached a vote. Senator Durbin said, "Social Security is the bedrock promise of a secure retirement, earned after a lifetime of hard work. But the longer Congress waits, the more difficult it will be to address the program’s financial shortfall." Senator Cassidy added, "Millions of Americans rely on Social Security to live. In six years, those families will see a 22% cut to their benefits if Congress doesn’t act. Our plan starts the process of preserving promised benefits for current retirees and the next generation of Americans."
The bill has been referred to the Senate Finance Committee and, if passed, would require regular reviews and further fast-track procedures if new shortfalls are projected. With three of its main sponsors—including Durbin and Cassidy—leaving the Senate at the end of their terms, the outcome of the PROMISE Act remains uncertain, but the urgency is clear as the trust fund’s depletion date approaches.