Bipartisan Senators Introduce Bill Creating Process for Social Security Reform with 60-Vote Threshold

A bipartisan group of senators introduced the PROMISE Act on Wednesday to establish a legislative process for Social Security reform, CNBC reported. The bill, whose full name is Protecting Retirement Opportunities and Maintaining Income Security for Everyone, would direct the Social Security Advisory Board to gather public input and submit a base bill to Congress that ensures at least 50 years of solvency.

Social Security provides monthly benefits to more than 71 million Americans through a pay-as-you-go system that draws on trust funds when payroll taxes fall short.

The June trustees report projected the retirement trust fund would be depleted in the fourth quarter of 2032, three months earlier than prior estimates, allowing payment of only 78 percent of scheduled benefits at that point. Combined with the disability trust fund, full benefits could continue until 2034, after which 83 percent would be payable, while the 75-year solvency gap widened to 4.42 percent of payroll from 3.82 percent.

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) are the primary sponsors, with Sens. ) signing on before introduction. Durbin stated that Social Security is the bedrock promise of a secure retirement earned after a lifetime of hard work, adding that the longer Congress waits the more difficult addressing the shortfall will become.

Cassidy said in June that he wants to complete action before leaving office. The measure would send the base bill to the Senate Finance Committee and House Ways and Means Committee for hearings and amendments, followed by 100 hours of floor consideration in each chamber. Amendments would require 60 votes in the Senate, and the final bill would need the same threshold.