---

With just six years remaining before Social Security’s retirement trust fund is projected to exhaust its reserves, lawmakers in Washington are facing increasing pressure to address a financial problem that could affect tens of millions of retirees.

Several bipartisan efforts are underway in Congress to prevent a sharp reduction in benefits. However, the proposals largely focus on creating a process for negotiating a solution rather than immediately changing taxes or benefits.

The urgency increased in June, when Social Security’s trustees released their 2026 annual report, projecting that the Old-Age and Survivors Insurance Trust Fund would exhaust its reserves in the fourth quarter of 2032.

At that point, incoming payroll taxes and other dedicated revenue would cover only about 78% of scheduled benefits.

That doesn’t mean Social Security would disappear. Workers would continue paying into the system, and benefits would continue. But without congressional action, the program would not have enough money to pay everyone their full scheduled benefits.

The trustees estimate that if Congress combined the retirement and disability trust funds, the reserves would last until 2034, when incoming revenue would cover approximately 83% of scheduled benefits. Combining the funds would require legislation.

---

A bipartisan plan to force Congress to act

One of the most significant recent proposals is the Protecting Retirement Opportunities and Maintaining Income Security for Everyone Act, better known as the PROMISE Act.

Introduced in July by a bipartisan group of senators, including Republican Bill Cassidy of Louisiana and Democrat Dick Durbin of Illinois, the measure seeks to break the political stalemate surrounding Social Security reform.

Rather than prescribing specific benefit cuts or tax increases, the legislation would direct the bipartisan Social Security Advisory Board to develop a proposal capable of keeping the program solvent for at least 50 years.

That proposal would then move through Congress, where lawmakers could debate it, amend it, and consider competing approaches.

The legislation also calls for periodic reviews to help prevent another financial crisis from developing.

“Congress has known about this challenge for more than a decade, but it has not taken up these politically challenging issues,” Durbin said when announcing the proposal.

The PROMISE Act has attracted bipartisan sponsorship, but it is not itself a funding solution. Even if enacted, Congress would still have to approve legislation addressing the shortfall.

---

A separate House proposal would create a commission

Another effort comes from Republican Rep. Tom Cole of Oklahoma and Democratic Rep. Tom Suozzi of New York.

Their Bipartisan Social Security Commission Act of 2026, introduced in June, would establish a commission dedicated to developing recommendations for restoring Social Security’s long-term financial stability.

The idea is to bring lawmakers together around a package of reforms rather than requiring Congress to negotiate individual, politically controversial changes.

The legislation, H.R. 9187, was referred to the House Ways and Means and Rules committees.

Like the PROMISE Act, it represents an effort to establish a framework for addressing the problem rather than an immediate solution to the funding shortage.

---

Other lawmakers want to raise revenue

Not all proposals focus on commissions or negotiating procedures. Some lawmakers are advocating for more direct changes to Social Security’s financing.

Democratic Sen. Elizabeth Warren of Massachusetts and Republican Sen. Bernie Moreno of Ohio have supported eliminating the cap on earnings subject to Social Security payroll taxes.

Under current law, workers stop paying Social Security payroll taxes once their annual earnings exceed a specified threshold. Removing that limit would require higher-income workers to contribute more.

Other proposals would impose Social Security taxes on earnings above $400,000, while leaving a portion of earnings below that level untaxed.

Supporters argue that raising additional revenue from wealthier Americans could substantially reduce the projected shortfall without cutting benefits for current retirees.

Opponents contend that substantial payroll tax increases could discourage investment and hiring, and that additional revenue alone may not fully solve the program’s long-term financial problems.

Meanwhile, Democratic Rep. John Larson of Connecticut has reintroduced the Social Security 2100 Act, which combines benefit improvements with changes designed to strengthen the program’s finances.

The legislation, H.R. 9519, was introduced in June, with a companion Senate bill introduced by Sen. Richard Blumenthal in July. Neither has advanced to a final vote.