Senators propose new legislative process

Key Points:

• A bipartisan group of senators has introduced the PROMISE Act to establish a formal process for enacting Social Security reforms, addressing the program's looming funding shortfall projected to reduce benefits to 78% by 2032.
• The bill would task the Social Security Advisory Board with creating a base bill after public input, which must ensure at least 50 years of solvency, and require a 60-vote threshold in the Senate for amendments and final passage.
• Current proposals to fix Social Security include raising the retirement age, increasing taxes on high earners, and creating a separate investment fund modeled after the Railroad Retirement system.
• The PROMISE Act also mandates a solvency review every 10 years with a similar legislative process if funding shortfalls are projected, aiming to foster transparent and bipartisan debate without predetermining policy outcomes.
• Lawmakers behind the bill emphasize the urgency of action before trust funds deplete, warning that delays will make addressing Social Security’s financial issues more difficult and could pose broader economic risks.