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Senators introduce bipartisan plan to tackle Social Security insolvency
CBS News • • business
Key Points:
- A bipartisan group of senators introduced the Promise Act to address Social Security's financial challenges and prevent benefit cuts for 70 million Americans relying on the program.
- The bill directs the Social Security Advisory Board to draft legislation ensuring the program's solvency for at least 50 years, without immediately raising taxes, reducing benefits, or changing eligibility.
- The Social Security retirement trust fund is projected to become insolvent by 2032, which could trigger a 22% benefit cut unless Congress acts beforehand.
- The Promise Act would require a three-fifths Senate vote and a House majority to become law, with proposals developed through public input and congressional committee review.
- The legislation has received support from various policy groups as a potential bipartisan step to address Social Security's long-term funding issues and avoid future crises.
