Senators propose the PROMISE Act to rescue Social Security
A bipartisan group of senators introduced the PROMISE Act to push for Social Security reform and prevent future benefit cuts
We've been hearing for a few years that Social Security will run out of funds to send out full benefits; the most recent estimate gives it no further than 6 years, until 2032. Since that time, it has been reported that action by Congress and the United States government is required to prevent it. A bipartisan group of senators introduced the PROMISE Act, an initiative that would seek reform to the program. We give you the details of what this proposal seeks.
The PROMISE Act stands for Protecting Retirement and Income Security for Everyone. Its main objective is to create a legislative procedure that allows analyzing and approving changes aimed at strengthening the solvency of Social Security during the coming decades. In simpler words, the proposal does not modify benefits, taxes or eligibility requirements for now, it only seeks to establish a mechanism for Congress to discuss and vote on a long-term solution.
Currently, the federal program, which has been in existence for more than 90 years and pays monthly benefits to more than 71 million Americans, faces a complicated financial outlook. According to the annual report of Social Security administrators, the trust fund for retirement benefits could be depleted in 2032. If that happens and Congress does not approve a solution before that date, the program would only have resources to cover about 78% of retirement benefits, which would be equivalent to a cut of close to 22%.
The proposal was introduced by Senators Dick Durbin, Democrat of Illinois; Bill Cassidy, R-Louisiana; John Cornyn, R-Texas; Tim Kaine, D-Virginia; Angus King, independent for Maine; and Thom Tillis, R-North Carolina.
“Social Security is the guarantee of a secure retirement, earned through a lifetime of hard work,” said Dick Durbin, Democratic Senator from Illinois. “But the longer Congress waits, the harder it will be to fix the program's financial shortfall.”
Weeks before introducing the bill, Durbin, Cassidy, Kaine and Tillis released a joint statement calling for a bipartisan response to the program's financial situation.
“We say to our colleagues: Join us in doing what we were elected to do: legislate on difficult issues and protect this vital program for our children and grandchildren,” the lawmakers wrote.
How would the PROMISE Act work?
Unlike other proposals introduced in recent years, the PROMISE Act does not establish specific changes to Social Security. Instead, it creates a procedure for Congress to review any initiative aimed at ensuring the financial viability of the program.
The proposal assigns that task to the Social Security Advisory Board (SSAB), an independent, bipartisan seven-member body. After carrying out a public consultation process, the council would have to prepare a base bill with recommendations capable of maintaining the solvency of the program for at least 50 years.
That document would later be presented in the Senate and House of Representatives by the majority leaders. If they did not do so, any other legislator could introduce the initiative to start the legislative process.
The bill would then be sent to the Senate Finance Committee and the House Ways and Means Committee to hold hearings, analyze the content and, if necessary, make changes.
The legislation also establishes that the final project would have to be voted on within a period of 100 hours. During that period, legislators could present substitute amendments. Both these modifications and the final project would require at least 60 votes in the Senate to advance.
In addition, the initiative contemplates a mandatory review of the solvency of Social Security every ten years. If the financial analyzes detect a new risk for the trust funds, the same procedure would be activated again.
Why is Social Security facing a growing financial deficit?
The 2026 Social Security trustees' report also revealed that the program's 75-year actuarial deficit increased from 3.82% to 4.42% of taxable payroll. That deterioration led the Committee for a Responsible Federal Budget (CRFB) to warn that the program's financial prospects “have worsened substantially.”
Although in recent years several legislators have promoted different alternatives to avoid insolvency, none has managed to gather enough support to become law.
Among the proposals that remain on the table are:
For his part, Senator Bill Cassidy has proposed another alternative: creating an independent investment fund to strengthen Social Security finances, inspired by the reform applied to the federal railroad retirement system during the administration of former President George W. Bush.
“I want this to be resolved before we leave, so there is an incentive to do it,” said Bill Cassidy, Republican senator from Louisiana. “I have a great idea to solve the Social Security problem.”
Promoters of the PROMISE Act maintain that the initiative is not intended to impose a specific solution or speed up the legislative process. Its purpose is to ensure that Congress finally debates and votes on proposals to preserve one of the most important federal programs for millions of retirees, workers and people with disabilities in the United States.