Bipartisan Senators Introduce Social Security Bill to Force Reform Vote Before 22% Cuts in 2032
Updated
Updated · The Motley Fool · Jul 26
Bipartisan Senators Introduce Social Security Bill to Force Reform Vote Before 22% Cuts in 2032
3 articles · Updated · The Motley Fool · Jul 26
Summary
Eight senators from both parties introduced the Promise Act, a procedural bill meant to compel Congress to vote on a Social Security solvency package before automatic benefit cuts hit around 2032.
The measure would have the Social Security Advisory Board gather public input and draft a framework to keep the trust fund solvent for at least 50 years; if it cannot agree, lawmakers could submit a base bill.
Roughly 100 hours of floor time would be reserved for debate and amendments, with limits on stalling motions, adjournments and non-Social Security amendments; Senate passage would still need 60 votes.
The bill does not itself raise taxes, cut benefits or change eligibility, but it is designed to stop Congress from delaying action as existing law points to a 22% benefit cut if no fix is enacted.