Durbin, Cassidy, Kaine, Tillis, King, Cornyn, Coons, Armstrong Introduce Bipartisan Proposal To Initiate Congressional Action On Social Security

Durbin, Cassidy, Kaine, Tillis, King, Cornyn, Coons, Armstrong Introduce Bipartisan Proposal To Initiate Congressional Action On Social Security

Americans of both political parties want Members of Congress to work across the aisle to protect and strengthen Social Security

WASHINGTON - U.S. Senate Democratic Whip Dick Durbin (D-IL) and U.S. Senators Bill Cassidy, M.D. (R-LA), Tim Kaine (D-VA), Thom Tillis (R-NC), Angus King (I-ME), John Cornyn (R-TX), Chris Coons (D-DE), and Alan Armstrong (R-OK) today introduced a bipartisan proposal to initiate Congressional action on Social Security. The Protecting Retirement Opportunities and Maintaining Income Security for Everyone (PROMISE) Act follows the release of the Social Security Board of Trustees' annual report, which found that the Social Security Trust Fund will only be able to cover 78 percent of benefits in 2032-meaning that Americans who rely on the program will have their benefits reduced by 22 percent if Congress does not act.

"Here is our chance to agree on a bipartisan process to rescue Social Security this year," said Durbin. "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."

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

"For nearly a century, Social Security has been a lifeline that allows Americans to retire with dignity. Congress should not wait around until the last minute to shore up this critical program and prevent broad-based benefit cuts upon Trust Fund depletion," said Kaine. "That's why I'm joining a bipartisan group of my colleagues in introducing legislation that will encourage Congress to roll up its sleeves and find a path forward to ensure current and future generations of retirees and their families are able to receive the benefits they have earned and which they are owed."

"Social Security is on an unsustainable path that will lead to dramatic benefit cuts for retirees and growing skepticism among workers paying into a program on the brink of insolvency. With each passing year, the menu of options that preserve benefits and limit tax hikes narrows. The modest reforms Congress contemplated in 2010 would have put Social Security on solid footing for 75 years; today, those same reforms would add less than two years to our current runway," said Tillis. "I won't pretend there's consensus on how we solve this, but the math is unforgiving: the longer Congress waits to act, the fewer good options remain, which is why I am proud to support this legislation."

"For years, we've known that Social Security faces serious long-term financial challenges, yet Congress has repeatedly chosen to look the other way," said King. "This legislation creates a bipartisan process to ensure Congress finally does its job. Social Security is a promise millions of Americans have earned through a lifetime of work - household budgets rely on the timely arrival of these earnings to pay for mortgages, heat, and medications. We have a responsibility to preserve that promise for today's retirees and for generations to come."

"Americans have paid into Social Security with the expectation that the benefits they earned would provide the foundation for their retirement, and Congress has a responsibility to keep that promise," said Cornyn. "I'm proud to support this bipartisan plan of action to address Social Security's rapidly approaching insolvency before it becomes a bigger crisis so Congress is not caught flat-footed and Texans are not left holding the bag."

"Congress has talked for years about the need to shore up Social Security so that Americans who have spent decades paying into the program can count on it to be there for their retirement. Senator Durbin understands that now is the time to turn that talk into action, and he has created a real, bipartisan process to force Congress to get serious and find a solution," Coons said. "I'm proud to cosponsor this bill and help find a way to save Social Security."

"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. "I'm proud to stand with a bipartisan group of my Senate colleagues to tackle tough challenges head-on rather than rely on short-term fixes, and to put Social Security on a lasting, sustainable foundation for current beneficiaries and future generations."

More than 70 million Americans receive Social Security benefits. Social Security is a bedrock promise that hard-working Americans paying into the program will earn their retirement and not have to worry about putting food on their table, a roof over their heads, or medicine in their cabinets. However, last month's Trustees report means that seniors and people with disabilities would have their benefits reduced by $450 per month (based on the average Social Security benefit of $2,071 per month). If Congress does not act, this automatic across-the-board benefit cut could push more than three million additional seniors and people with disabilities into poverty.

Members of Congress have introduced several pieces of legislation that would ensure that the Social Security Trust Funds are funded for the next 75 years. Some of these bills have nearly 200 cosponsors, and others are bipartisan and have broad, popular support. However, almost none of them have ever received a vote. Congress should not wait until the Social Security Trust Fund is empty to address this issue when it can act now to protect and strengthen the Social Security Trust Fund for current and future generations.

The PROMISE Act would create a procedure to initiate Congressional action on Social Security. Specifically, under the Senators' proposal:

• The Social Security Advisory Board (SSAB), an independent, bipartisan advisory committee established to make recommendations to Congress, would transmit a base bill (which must ensure that the Social Security Trust Funds are funded for at least the next 50 years) to Congress.
• The Majority Leaders of the Senate and House would introduce the base bill. If they do not, any Member of Congress could do so.
• The base bill would be referred to the Senate Finance Committee and House Ways & Means Committee. Both committees would have the chance to hold hearings and amend the base bill.
• The Senate Finance Committee and House Ways & Means Committee would report the base bill (as potentially amended). If the Committees do not report the base bill, it automatically would be discharged and placed on the Senate and House calendars.
• The Majority Leaders of the Senate and House would move to proceed to the base bill (as potentially amended). If the Majority Leaders do not, any Member of Congress could do so.
• Members of Congress could offer substitute amendments (which must ensure that the Social Security Trust Funds are funded for at least the next 50 years) to the base bill (as potentially amended) after the motion to proceed.
• The Senate and House would vote on passage of the base bill (as potentially amended) after 100 hours of consideration. Final passage would require a three-fifths vote in the Senate and a majority vote in the House.

According to polling from the Bipartisan Policy Center, 64 percent of Democrats and 61 percent of Republicans agree on the need for bipartisan cooperation to protect and strengthen the program. And 67 percent of those polled want Congress to take near-term action to solve Social Security's impending challenges. Specifically, 47 percent say that they want Congress to address Social Security's financial shortfall as soon as possible, with both parties working together, and an additional 20 percent say that they want a bipartisan commission created to develop a comprehensive plan-and for Congress to approve that plan.

The following organizations support the PROMISE Act: Bipartisan Policy Center, Third Way, and Committee for a Responsible Federal Budget.

"America's current and future retirees deserve a Social Security system that is financially strong and able to meet its financial commitments to seniors. With the trust funds nearing insolvency, Congress cannot remain in entrenched partisan positions. BPC Action endorses the PROMISE Act and commends Senators Durbin (D-IL), Cassidy (R-LA), Kaine (D-VA), Tillis (R-NC), and King (I-ME) for creating a serious bipartisan process to break the status quo of inaction. Their leadership should spur other members-and advocates committed to Social Security's future-to come to the table, confront difficult choices, and help secure Americans' earned benefits for generations to come," said Michele Stockwell, President of Bipartisan Policy Center Action.

"The longer Congress waits to address Social Security's looming insolvency, the more expensive and narrow the eventual reforms become. This legislation will help Republicans and Democrats debate and craft a credible, bipartisan solution that keeps Social Security sustainable for decades," said Jessica Riedl, Fellow of Economic Studies at Urban-Brookings Tax Policy Center.

"Social Security now faces insolvency before the end of the next president's term. Seniors are staring down the possibility of steep and sudden benefit cuts, while working Americans risk being saddled with an undue tax or debt burden - all because policymakers waited too long to avert a crisis they all knew was coming. The PROMISE Act should be commended for not only offering one possible mechanism to fast-track bipartisan solutions that are long overdue through regular order, but also creating a recurring check-in to discourage policymakers from getting this close to a similar cliff again in the future," said Ben Ritz, Vice President of Policy Development for the Progressive Policy Institute.

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