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Bipartisan senators introduce legislation to avert looming Social Security shortfall
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Key Points:
- A bipartisan group of senators introduced the PROMISE Act to address Social Security's projected insolvency by 2032, aiming to force Congress to vote on a long-term solvency plan for the program.
- The bill proposes creating an independent, bipartisan advisory committee to recommend solutions and culminates in an up-or-down congressional vote on a plan to restore Social Security's financial health for at least 50 years.
- Social Security's funding shortfall is attributed to lower birth rates, reduced immigration, and decreased trust fund revenue following recent tax and spending legislation.
- Past efforts to address Social Security's solvency, including a 2024 federal debt commission proposal, have failed due to political opposition, notably from conservative groups like Americans for Tax Reform.
- There is ongoing bipartisan debate over potential reforms, including raising the payroll tax cap or eligibility age, but such measures remain politically contentious.
