Senators to Introduce Bipartisan Bill Addressing Social Security Funding Shortfall

A bipartisan group of senators plans to introduce legislation that would create an independent advisory committee to recommend changes to Social Security, the senators announced Tuesday.

Background on the Funding Gap The Social Security Board of Trustees' annual report projects that the retirement trust fund will face a funding shortfall in 2032, one year earlier than last 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.

Social Security benefits were last reformed about 40 years ago, when the eligibility age rose from 65 to 67. The current proposal comes after repeated delays in addressing the program's finances.

The measure would establish an advisory committee to develop recommendations and guarantee an up-or-down vote in Congress. Sponsors include Democratic Sen. Dick Durbin of Illinois, Democratic Sen. Tim Kaine of Virginia, independent Sen. Angus King of Maine, and outgoing Republican Sens.

Bill Cassidy of Louisiana, John Cornyn of Texas, and Thom Tillis of North Carolina. Durbin, who is retiring, said in a statement that the longer Congress waits, the more difficult it will be to address the shortfall. Even after the trust fund is depleted, the system would continue paying benefits at reduced levels.

Past efforts to create a debt commission that included Social Security and Medicare solvency collapsed in 2024 after opposition from Americans for Tax Reform.