Bipartisan Senators Introduce PROMISE Act to Save Social Security

A bipartisan group of eight U.S. senators introduced the Protecting Retirement Opportunities and Maintaining Income Security for Everyone (PROMISE) Act on July 14, 2026. The legislation seeks to prevent a projected funding crisis in the Social Security retirement trust fund, which the Social Security Board of Trustees reports will be depleted by the fourth quarter of 2032. Without intervention, the program would only pay approximately 78% of scheduled benefits, resulting in a 22% cut for over 70 million older Americans.

Dick Durbin and co-sponsors, including Bill Cassidy, John Cornyn, and Thom Tillis, designed the act to mandate a formal legislative process. The bill would create an independent Social Security Advisory Board to draft a base plan ensuring solvency for at least 50 years. Once submitted, Congress would be required to debate, amend, and hold an up-or-down vote on the plan within 100 hours. To become law, the proposal must pass through congressional committees and secure a simple majority in the House and a three-fifths vote in the Senate.

Supporters attribute the funding shortfall to lower birth rates, reduced immigration, and revenue losses from a previous tax and spending bill signed by Donald Trump. This Senate effort follows a similar proposal in the House, the Bipartisan Social Security Commission Act, introduced in June by Representatives Tom Cole and Tom Suozzi.