Story perspectives

Durbin, Cassidy Introduce PROMISE Act to Save Social Security

8/26/2026

Summary

Story summary

Sen. Dick Durbin (D-Ill.) and Sen. Bill Cassidy (R-La.) introduced the PROMISE Act to address Social Security’s funding gap.
The PROMISE Act would task the Social Security Advisory Board with drafting a plan to keep the trust fund solvent.
The 2026 Trustees Report projects the OASI Trust Fund will run out in Q4 2032, covering only 78 % of scheduled benefits.

History

Historical Context

The 1983 Social Security Amendments, signed by President Ronald Reagan, overhauled the program to avert imminent insolvency projected for 1985. Congress created the National Commission on Social Security, which recommended a $2.4 trillion trust-fund infusion and raised payroll tax rates by 0.4 percentage points. Today's PROMISE Act, introduced by Senators Dick Durbin and Bill Cassidy, mirrors that bipartisan effort by tasking the Social Security Advisory Board to draft a solvency plan. If Congress follows the 1983 precedent, the 2026 Trustees Report’s 2032 shortfall projection could be mitigated, preserving benefits for future retirees.

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Story summary

Sen. Dick Durbin (D-Ill.) and Sen. Bill Cassidy (R-La.) introduced the PROMISE Act to address Social Security’s funding gap.
The PROMISE Act would task the Social Security Advisory Board with drafting a plan to keep the trust fund solvent.
The 2026 Trustees Report projects the OASI Trust Fund will run out in Q4 2032, covering only 78 % of scheduled benefits.

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