Bipartisan Senators Propose PROMISE Act to Address Social Security Crisis

Washington DC, United States Jul 15, 2026 ALN: WASHINGTON — With Social Security’s looming insolvency date roughly six years away, a bipartisan group of lawmakers introduced a proposal Tuesday to grapple with one of the most consequential financial challenges facing the federal government. The Protecting Retirement Opportunities and Maintaining Income Security for Everyone, or PROMISE Act, comes on the heels of the latest Social Security Board of Trustees’ annual report, which found that Social Security’s retirement trust fund is projected to face a funding shortfall in 2032, a year earlier than last year’s projections.

Social Security has long been a cornerstone of the American social safety net, providing financial support to retirees, disabled individuals, and survivors of deceased workers. Established in 1935, the program was designed to alleviate poverty among the elderly and ensure that all Americans could enjoy a basic standard of living in retirement. However, the demographic landscape of the United States has shifted significantly over the decades. Factors such as declining birth rates, an aging population, and increased life expectancy have placed unprecedented strain on the program’s finances.

Even with it being clear for years that Social Security was running out of money, Congress has been loath to act. Making changes to the program — and potentially cutting benefits — has long been politically unpopular, and lawmakers have repeatedly kicked Social Security and Medicare’s troubling math to the next generation. The reluctance to tackle these issues head-on has led to a growing sense of urgency among some lawmakers, particularly as the 2032 deadline approaches.

“The longer Congress waits, the more difficult it will be to address the program’s financial shortfall,” Sen. Dick Durbin, D-Ill., one of the bill’s authors, said in a statement. “We were elected to solve problems — we owe it to our kids and grandkids to protect and strengthen this critical program.” This sentiment echoes a broader concern among policymakers that failing to act now could result in more drastic and less palatable solutions in the future.

Durbin, who is retiring, is joining with Democratic Sen. Tim Kaine of Virginia; independent Sen. Angus King of Maine; and outgoing Republican Sens. Bill Cassidy of Louisiana, John Cornyn of Texas, and Thom Tillis of North Carolina in backing the Social Security legislation, which calls for an “independent, bipartisan advisory committee” that would make recommendations to Congress. This committee would be tasked with evaluating the long-term viability of Social Security and proposing solutions that could garner bipartisan support.

The bill is designed to force Congress to confront Social Security’s long-term financing problem by guaranteeing that lawmakers vote on a solvency plan. It culminates in an up-or-down vote on a plan that restores Social Security solvency for at least half a century. The hope is that this structured approach will compel lawmakers to prioritize the issue and seek collaborative solutions, rather than allowing it to languish in partisan gridlock.

Committees, however, have been here before. That happened as recently as 2024, when House lawmakers undertook an effort with the backing of several in GOP leadership to form a federal debt commission that would include tackling the solvency of Social Security and Medicare. The effort collapsed when Americans for Tax Reform — led by its president, Grover Norquist — aggressively lobbied against it. This highlights the significant political challenges that any reform effort faces, particularly in a polarized political environment.

Social Security’s looming funding shortfall is mainly the result of lower projected birth rates, reduced immigration, and reduced trust fund revenue due to the costs of Republicans’ massive tax and spending bill that President Donald Trump signed into law last summer, according to the Board of Trustees’ report. The interplay between tax policy and Social Security funding is complex; changes in taxation can have immediate effects on the revenue available to fund the program. As the workforce shrinks relative to the number of beneficiaries, the financial sustainability of Social Security becomes increasingly precarious.

The looming challenge for the programs is a partial funding gap, not a collapse. Even after trust fund depletion, the system will continue issuing benefits, albeit at reduced amounts. This means that while immediate crises may be averted, the long-term viability of the program remains in question. Estimates suggest that without reform, beneficiaries could see a reduction in their monthly payments by as much as 20% or more once the trust fund is exhausted.

Traditionally, Republicans have been skeptical of endorsing tax increases, while Democrats have been critical of calls to raise the age of Social Security eligibility. In 2022, members of the House Republican Study Committee proposed raising the age at which someone could qualify for Social Security and Medicare. Such proposals often meet with fierce opposition from advocacy groups and constituents who argue that raising the eligibility age would disproportionately affect low-income workers and those in physically demanding jobs who may not be able to work longer.

Social Security benefits were last reformed roughly 40 years ago, when the federal government raised the eligibility age for the program from 65 to 67, based on recommendations from a commission under the leadership of Alan Greenspan. This historical context is crucial, as it illustrates the challenges inherent in reforming a program that has become deeply embedded in American society. Any changes to Social Security require careful consideration of the potential impacts on millions of Americans who rely on these benefits for their livelihoods.

Still, there are ongoing bipartisan calls to find a way to provide long-term funding to Social Security. Last month, Sens. Elizabeth Warren, D-Mass., and Bernie Moreno, R-Ohio, wrote an op-ed in The New York Times calling for raising the cap on the Social Security payroll tax. This proposal suggests that higher earners should contribute more to the system, which could help alleviate some of the funding pressures. For 2026, the payroll tax cap, or maximum amount of earnings on which you must pay Social Security tax is $184,500. Increasing this cap could generate significant additional revenue for the program, but it also faces resistance from conservative lawmakers and advocacy groups who argue against increasing taxes on higher earners.

Americans for Tax Reform organized a lengthy and aggressive rebuttal with comments from scores of conservatives in opposition. This pushback underscores the contentious nature of tax policy in the United States and the difficulty of reaching consensus on how best to secure the future of Social Security. As the debate continues, it remains to be seen whether the PROMISE Act will gain traction in Congress and whether lawmakers will be able to put aside partisan differences to address this pressing issue. The stakes are high, not just for current beneficiaries but for future generations who will rely on Social Security as a vital source of income in their retirement years.