Story perspectives

Bipartisan Senators Unveil PROMISE Act to Save Social Security

7/17/2026

Summary

Story summary

Dick Durbin (D-Illinois), Bill Cassidy (R-Louisiana), Tim Kaine (D-Virginia), Thom Tillis (R-North Carolina) and Angus King (I-Maine) introduced PROMISE Act July 14, 2026.
The bill tasks the Social Security Advisory Board with a bipartisan 50-year solvency plan that Congress must approve by a 60-vote Senate supermajority and a simple House majority.
Analysts warn the trust fund could empty in 2032, dropping benefits to about 78 percent and costing recipients hundreds of dollars monthly.

History

Historical Context

In 1983, President Ronald Reagan signed the Social Security Amendments that raised the full retirement age to 67 and began taxing benefits, averting a projected trust-fund shortfall. Senators Dick Durbin, Bill Cassidy and others introduced the PROMISE Act to replicate that bipartisan fix and keep the OASDI trust fund from the 2035 depletion date forecast by the 2024 trustees.

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Story summary

Dick Durbin (D-Illinois), Bill Cassidy (R-Louisiana), Tim Kaine (D-Virginia), Thom Tillis (R-North Carolina) and Angus King (I-Maine) introduced PROMISE Act July 14, 2026.
The bill tasks the Social Security Advisory Board with a bipartisan 50-year solvency plan that Congress must approve by a 60-vote Senate supermajority and a simple House majority.
Analysts warn the trust fund could empty in 2032, dropping benefits to about 78 percent and costing recipients hundreds of dollars monthly.

1 / 2