Lawmakers Introduce PROMISE Act to Address the Future of Social Security
· Telemundo McAllen (KTLM)
A bipartisan group of lawmakers has introduced a bill that would create a formal process for Congress to develop and vote on a long-term plan to protect the financial future of Social Security, as the program faces a deficit that could eventually lead to benefit cuts. The PROMISE Act—short for Protecting Retirement Opportunities and Maintaining Income Security for Everyone—comes as the latest report from the Social Security Trustees warns that the Old-Age and Survivors Insurance Trust Fund could deplete its reserves by 2032. Once those reserves are exhausted, the fund, which pays retirement and survivor benefits, would only be able to cover about 78% of scheduled benefits for approximately 71 million people unless Congress takes action. 'Social Security is on an unsustainable path that will lead to drastic benefit cuts for retirees and growing skepticism among workers contributing to a program on the brink of insolvency,' said Senator Thom Tillis, a Republican from North Carolina and one of the bill's sponsors, in a statement. 'I’m not going to pretend there is consensus on how to solve this problem, but the math is unforgiving: the longer Congress waits to act, the fewer viable options will remain,' he added.
AI summary · Source: Telemundo McAllen (KTLM) →
