Bipartisan senators introduce PROMISE Act to set process for Social Security reform

According to CNBC, a bipartisan group of senators introduced the PROMISE Act, a bill that would create a legislative process for considering changes to Social Security as the program faces a projected funding shortfall. The proposal follows the 2026 Social Security trustees report, which projects the retirement trust fund could be depleted in the fourth quarter of 2032, after which 78% of retirement benefits would be payable; if the retirement and disability trust funds are combined, full benefits could be paid until 2034, when 83% would be payable. The bill’s sponsors include Sens. Dick Durbin, Bill Cassidy, John Cornyn, Tim Kaine, Angus King and Thom Tillis, and it would direct the Social Security Advisory Board to gather public input and submit a base bill designed to provide at least 50 years of solvency, with floor consideration procedures that include a 60-vote threshold in the Senate for adopting amendments and passing a final bill.