A bipartisan group of senators introduced legislation on July 14 to prompt congressional action in tackling Social Security’s looming insolvency.
The legislation, known as the Protecting Retirement Opportunities and Maintaining Income Security for Everyone Act, or PROMISE Act, comes after an annual trustees’ report showed that Social Security’s retirement trust fund could be depleted by the fourth quarter of 2032, at which point it would be able to pay only 78 percent of retirement benefits.
“Millions of Americans rely on Social Security to live. In 6 years, those families will see a 22% cut to their benefits if Congress doesn’t act,” Sen. Bill Cassidy (R-La.), one of the bill’s sponsors, said in a statement. “Our plan preserves promised benefits for current retirees and the next generation of Americans.” …
Senators Introduce Bipartisan Bill to Initiate Congressional Action on Social Security
