What is the PROMISE Act? Senators Seek to Rescue Social Security

Social Security, a cornerstone program that has provided financial security to millions of retirees for more than 90 years, is in a race against the clock. According to recent estimates, the trust fund that supports benefits could run out of resources by 2032. Facing this risk, a bipartisan group of senators introduced the PROMISE Act. An initiative that, without yet modifying benefits or taxes, seeks to create a mandatory pathway for the U.S. Congress to approve long-term solvency reform.

The PROMISE Act takes its name from the English acronym for Protecting Retirement Opportunities and Maintaining Income Security for Everyone. The bill was championed by senators Dick Durbin (Democrat from Illinois), Bill Cassidy (Republican from Louisiana), Tim Kaine (Democrat from Virginia), Thom Tillis (Republican from North Carolina), Angus King (Independent from Maine) and John Cornyn (Republican from Texas). “Our bipartisan proposal opens Congress to debate this issue in a transparent, fair, and bipartisan manner,” Durbin said when presenting the bill.

The main goal of the proposal is not to impose a specific solution today. It seeks to establish a strict legislative procedure that guarantees at least 50 years of financial viability for Social Security. Proponents of the initiative insist that delaying action only deepens the program’s deficit, which would eventually require applying more drastic measures.

How Would the Legislative Process Work?

Unlike other reforms that directly propose raising the retirement age or increasing taxes, the PROMISE Act focuses on the “how” to reach an agreement. The bill assigns the first step to the Social Security Advisory Board (SSAB), an independent and bipartisan committee. This board would have to gather public input, organize consultation sessions, and draft a base bill with recommendations to stabilize the trust funds for five decades.

Once the base bill is ready, the majority leaders in both the Senate and House of Representatives would be required to introduce it. If they do not, any other legislator could take the initiative to activate the process. Subsequently, the text would pass to the Senate Finance Committee and the House Ways and Means Committee for hearings and amendments.

The golden rule of the PROMISE Act is that Congress cannot ignore the problem. The final bill would have a 100-hour debate time limit on the floor. During this period, lawmakers could present substitute amendments. However, the bill would maintain protections to prevent it from being diverted to other political topics unrelated to Social Security financing.

What Challenges and Possible Cuts Does Social Security Face?

The call to action is based on the most recent annual report from Social Security administrators, which confirmed a complicated financial outlook. The fund designated for retirement benefits, the OASI (Old-Age and Survivors Insurance), could be depleted by late 2032. If Congress does not act before that date, the program could only cover around 78% of approved monthly benefits. This would amount to a 22% reduction. For many people, this would mean losing an average of about $500 per month.

The Committee for a Responsible Federal Budget (CRFB) warned that the program’s actuarial deficit has worsened. Furthermore, studies from nonpartisan organizations indicate that cuts would disproportionately affect working-class retirees who depend on this income as their primary source. Facing this challenge, several classic alternatives are on the table that could be included in the final reform drafted by the board:

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