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Bipartisan Social Security bill aims to prevent deep 22% benefit cuts
Fox Business • • nation
Key Points:
- A bipartisan group of senators introduced the PROMISE Act to prevent automatic 22% Social Security benefit cuts projected for 2032 by requiring congressional votes on a long-term solvency plan.
- The bill mandates an independent advisory committee to recommend measures to restore Social Security's solvency for at least 50 years and sets a strict timeline for congressional consideration.
- The legislation aims to ensure transparency and bipartisan cooperation, with support from senators across party lines emphasizing the urgency to act before options to preserve benefits narrow.
- If no action is taken, beneficiaries could face an average monthly benefit cut of about $450, potentially pushing over 3 million Americans into poverty.
- The Committee for a Responsible Federal Budget endorsed the bill, highlighting it as a necessary step to engage Congress and the public in securing Social Security’s future.
