Bipartisan group of senators introducing legislation to avert looming Social Security shortfall

A bipartisan group of senators is introducing the PROMISE Act to address Social Security's projected 2032 funding shortfall. The legislation aims to establish an independent advisory committee to recommend solvency solutions and force Congress to vote on a plan to ensure long-term funding. The shortfall is attributed to lower birth rates, reduced immigration, and revenue impacts from a previous tax and spending bill.