The Promise Act Would Push Congress to Vote on Social Security Reform Before 2032's Projected 22% Benefit Cut for Retirees

A new bipartisan bill, the Protecting Retirement Opportunities and Maintaining Income Security for Everyone Act, aka the Promise Act, is designed to force Congress to confront Social Security's upcoming funding shortfall and to vote on a reform package before automatic benefit cuts hit retirees around 2032.

Led by U.S. Sens. Dick Durbin, D-Ill., Bill Cassidy, R-La., Tim Kaine, D-Va., Thom Tillis, R-N.C., Angus King, I-Maine, Alan Armstrong, R-Okla., Chris Coons, D-Del.; and John Cornyn, R-Texas, the act establishes a legislative procedure to protect the long-term solvency of the Social Security trust fund.

Rather than waiting until the 11th hour to ensure that Social Security recipients continue to receive their full benefits, the new bill calls for congressional action to begin now. Acting sooner rather than later could end up helping future retirees.

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What the Promise Act proposes

The act is purely procedural, meaning it doesn't do the heavy lifting of setting specific tax increases, benefit cuts, eligibility changes, or any of the other suggestions made by advocacy groups. Instead, it creates a formal process and timetable for developing and voting on a Social Security solvency plan. It demands that Congress focus on the shortfall issue, rather than continuing to kick the can down the road.

The Promise Act directs the nonpartisan Social Security Advisory Board (SSAB) to hold "listening sessions," gather public input, and draft a legislative framework that would keep Social Security's trust fund solvent for a minimum of 50 years. If the SSAB can't agree on a proposal, majority leaders or other lawmakers could submit their own base bill.

The act also requires both the House and Senate to debate, amend, and vote on the bill that would be created within a tight window, with roughly 100 hours of floor time. Furthermore, the act restricts procedural motions that could stall the process, limits adjournments, and restricts amendments to issues that directly affect Social Security financing, revenue, and payments. In other words, it doesn't allow lawmakers to put the brakes on voting and avoids backroom deals that fold in non-Social Security-related issues.

In the Senate, passage and amendments would require 60 votes, while a simple majority would be enough to get the bill over the finish line in the House of Representatives.

Why it matters

While the Promise Act -- which has not yet been passed and signed into law -- would not in itself raise or cut Social Security benefits, change taxes, or otherwise change the benefits, it would ensure that Congress could not avoid voting on some kind of solvency plan before reaching the 2032 cliff.

If lawmakers fail to enact a solution, a 22% cut in benefits will occur under existing law. However, if they succeed, retirees could be spared a reduction in benefits.

Given healthcare costs and all the other expenses retirees must factor into their budgets, a plan to shore up Social Security can't come soon enough. The Promise Act is a first step to get the ball rolling.

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