Senators Introduce 'PROMISE Act' to Avert 2032 Social Security Shortfall

The proposed legislation would establish an independent, bipartisan advisory committee to recommend ways to restore Social Security's long-term finances.

Kelly McBride Ni

Published: 7/15/2026, 10:46:06 PM EDT

Senators Introduce 'PROMISE Act' to Avert 2032 Social Security Shortfall — A Social Security card sits alongside checks from the U.S. Treasury in Washington on Oct. 14, 2021. (Kevin Dietsch/Getty Images)

A bipartisan group of senators has introduced legislation aimed at compelling Congress to address Social Security's projected 2032 funding shortfall, according to a July 14 joint press release.

The proposed Protecting Retirement Opportunities and Maintaining Income Security for Everyone Act, or PROMISE Act, would establish an independent, bipartisan advisory committee to recommend ways to restore Social Security's long-term finances.

“Social Security is only six years from insolvency – we need action to save it, yesterday. The PROMISE Act would establish a thoughtful bipartisan process to help Congress do its job and rescue Social Security before it’s too late,” said Maya MacGuineas, president of the Committee for a Responsible Federal Budget.

The proposed legislation would have a bipartisan advisory board draft a proposal to keep Social Security solvent for at least 50 years.

If the board does not produce a plan, lawmakers could introduce one, and Congress would be required to consider it—a move that would prevent delayed action.

The legislation follows the Social Security Board of Trustees' annual report that was released in June.

The report estimates that the Old-Age and Survivors Insurance Trust Fund will be able to pay only 78 percent of scheduled retirement benefits beginning in 2032 if Congress makes no changes, resulting in an automatic 22 percent reduction in benefits.

The bill is sponsored by Democratic Sens. Dick Durbin (D-Ill.), Tim Kaine (D-Va.), and Chris Coons (D-Del). Republicans sponsoring the bill are Sens. Bill Cassidy (R-La.), John Cornyn (R-Texas), Thom Tillis (R-N.C.), Alan Armstrong (R-Okla.), and also independent Sen. Angus King (I-Maine).

"Our plan starts the process of preserving promised benefits for current retirees and the next generation of Americans,” said Cassidy.

Durbin said the bill offers "a chance to agree on a bipartisan process to rescue Social Security this year."

“Our bipartisan proposal opens Congress to debate this issue in a transparent, fair, and bipartisan way. We were elected to solve problems—and there’s no greater problem than the solvency and future of Social Security," Durbin said.

“For the millions Americans who have worked hard, paid into the system, and simply want the security of knowing they can retire with dignity, this is not an abstract fiscal policy debate. The growing financial strain on Social Security can be easy to ignore until it directly threatens someone’s retirement,” said Armstrong.

Social Security benefits were last reformed roughly 40 years ago, when the federal government raised the eligibility age for the program from 65 to 67, based on recommendations from a commission under the leadership of Alan Greenspan.

The Associated Press contributed to this report.