Social Security Board of Trustees

A bipartisan group of senators introduced the PROMISE Act to address Social Security's projected 2032 funding shortfall. The legislation aims to establish an independent advisory committee to recommend a solvency plan, ensuring Congress votes on a long-term solution. The shortfall is attributed to lower birth rates, reduced immigration, and revenue losses from recent tax policies.

A bipartisan group of senators introduced the PROMISE Act to address Social Security's projected 2032 funding shortfall. The legislation aims to create an independent advisory committee to propose solutions, ensuring Congress votes on a solvency plan to restore the program's stability for at least 50 years.

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.

U.S. Senators Bernie Moreno of Ohio and Elizabeth Warren of Massachusetts proposed a bipartisan solution to address Social Security's insolvency, including lifting the payroll tax cap to ensure fairness. The proposal aims to prevent a 2032 insolvency that would reduce average Ohio beneficiaries' monthly payments by $487.