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Treasury changes processor amid looming 2032 Social Security cuts

7/19/2026

34 4 Full Breakdown

Summary

Story summary

Treasury will replace Comerica with Fifth Third Bank as debit-card processor.
Trustees report the trust fund will be depleted in Q4 2032, cutting benefits to 78 percent.
Committee for a Responsible Federal Budget projects retiring in 2033 could lose $16,900 a year, with cuts 35 percent century’s end.
Senators Tim Kaine, Bill Cassidy, Thom Tillis and Angus King introduced the PROMISE Act to set a reform process with no tax or benefit changes.

History

Historical Context

Facing a projected 1983 shortfall, the National Commission on Social Security Reform, chaired by Alan Greenspan, guided President Ronald Reagan’s 1983 amendments that created a Treasury-managed trust fund and accelerated payroll taxes. Decades of surplus investment left the fund vulnerable, and the 2026 Trustees Report now warns the OASI trust will run out in Q4 2032, covering only 78 % of scheduled benefits.

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Story summary

Treasury will replace Comerica with Fifth Third Bank as debit-card processor.
Trustees report the trust fund will be depleted in Q4 2032, cutting benefits to 78 percent.
Committee for a Responsible Federal Budget projects retiring in 2033 could lose $16,900 a year, with cuts 35 percent century’s end.
Senators Tim Kaine, Bill Cassidy, Thom Tillis and Angus King introduced the PROMISE Act to set a reform process with no tax or benefit changes.

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