Bipartisan Effort Aims to Avert Social Security Benefit Reductions

WHO:

Alternet - George Will, conservative Washington Post columnist

Fox Business - Senate Democratic Whip Dick Durbin, D-Ill; Sen. Bill Cassidy, R-La.; Republican Sens. Thom Tillis, R-N.C.; John Cornyn, R-Texas; Alan Armstrong, R-Okla.; Sen. Tim Kaine, D-Va.

Fox Business - Committee for a Responsible Federal Budget, President Maya MacGuineas

WHAT:

Alternet - Social Security's retirement program costs have exceeded its income since 2021.

Alternet - The deficit in the first nine months of fiscal 2026 was $1.4 trillion.

Alternet - The government is projected to have borrowed at least $2 trillion by the end of the fiscal year on September 30.

Alternet - Social Security's trust fund is projected to be exhausted before the 2032 elections, leading to automatic benefit cuts of at least 22%.

Fox Business - The PROMISE Act aims to prevent automatic benefit cuts for over 70 million Americans.

Fox Business - The PROMISE Act requires congressional votes on a long-term Social Security solvency plan before the retirement trust fund's projected depletion in 2032.

Fox Business - The average monthly payout for Social Security beneficiaries is currently $2,071, which would decrease by roughly $450 per month if no funding plan is established.

WHERE:

Fox Business - The legislation will be discussed in Congress.

WHEN:

Fox Business - The PROMISE Act aims to address Social Security solvency before the trust fund depletion in 2032.

WHY:

Alternet - The Social Security program is facing challenges due to soaring budget deficits and insolvency.

Fox Business - Millions of Americans rely on Social Security, and without action, families will face a 22% cut to their benefits in six years.

HOW:

Fox Business - The PROMISE Act establishes a procedural process requiring the Social Security Advisory Board to submit a proposal to restore solvency for at least 50 years.

Fox Business - If the House and Senate majority leaders fail to introduce the proposal, any member of Congress may do so, and it will be referred to the House Ways and Means Committee and the Senate Finance Committee.

(UPDATED July 17, 2026 22:23 UTC)

The Social Security program is facing significant challenges, with its retirement costs exceeding income since 2021 and a projected deficit of $1.4 trillion for the first nine months of fiscal 2026. The PROMISE Act aims to prevent automatic benefit cuts for over 70 million Americans by requiring Congress to vote on a long-term solvency plan before the trust fund is expected to be depleted in 2032. If no action is taken, beneficiaries could see their average monthly payouts drop from $2,071 to around $1,621, which would have a profound impact on millions of families across the country.