Bipartisan Senators Introduce PROMISE Act to Address Social Security Shortfall

A bipartisan group of U.S. senators introduced the Protecting Retirement Opportunities and Maintaining Income Security for Everyone, or PROMISE Act, on July 14, 2026, to address Social Security's projected funding shortfall. The legislation would establish an independent, bipartisan advisory committee to develop recommendations for Congress.

It would also guarantee an up-or-down vote on a plan that restores solvency for at least 50 years, according to the Associated Press. The Social Security Board of Trustees' annual report projects the retirement trust fund will face a funding shortfall in 2032, one year earlier than the previous year's projection.

The shortfall stems from lower birth rates, reduced immigration, and reduced trust fund revenue tied to a tax and spending bill signed into law last summer.

Sen. , one of the bill's authors, said in a statement that the longer Congress waits, the more difficult it will be to address the program's financial shortfall. Durbin, who is retiring, is joined by original sponsors including Sens.

John Cornyn, R-Texas, and Thom Tillis, R-N.C. Sens. , signed onto the bill immediately before its introduction. Social Security benefits were last reformed roughly 40 years ago when the eligibility age rose from 65 to 67.

Even after the trust fund is depleted, the system would continue paying benefits at reduced levels. In June 2026, Sens. , and Bernie Moreno, R-Ohio, wrote a New York Times op-ed calling for raising the cap on the Social Security payroll tax, which stands at $184,500 for 2026.