A Rare Bipartisan Push to Fix Social Security Emerges in the Senate as 2032 Funding Deadline and $500 Cut Threat Loom

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A bipartisan group of senators introduced the Protecting Retirement Opportunities and Maintaining Income Security for Everyone (PROMISE) Act on Tuesday, seeking to establish a legislative process for Congress to consider long-term Social Security reforms before the program’s projected funding shortfall.

The proposal comes as the Social Security retirement program faces a projected funding gap. According to the latest Social Security Trustees Report, the Old-Age and Survivors Insurance Trust Fund is expected to deplete its reserves in the fourth quarter of 2032, after which incoming payroll taxes would be sufficient to pay only about 78% of scheduled retirement benefits