Senate Finance Panel Opens First PROMISE Act Hearing as Social Security Faces 25% Automatic Cuts in 6 Years
Updated
Updated · NOTUS · Aug 11
Senate Finance Panel Opens First PROMISE Act Hearing as Social Security Faces 25% Automatic Cuts in 6 Years
2 articles · Updated · NOTUS · Aug 11
Summary
Eight centrist senators moved Social Security reform into its first Senate Finance Committee hearing last week, launching the most serious bipartisan solvency push in years.
The PROMISE Act would not set benefit cuts or tax hikes now; it would direct the Social Security Advisory Board to craft a 50-year solvency plan and force congressional floor action if committees stall.
59 million beneficiaries are at stake because trustees project automatic cuts of as much as 25% in about six years, after retirements and longer lifespans pushed payouts above payroll-tax revenue.
AARP, Bernie Sanders and conservative tax activist Grover Norquist are already opposing the bill, while President Donald Trump has pledged not to cut benefits and several lead sponsors are leaving the Senate.
Backers are eyeing the post-election lame-duck session, arguing debt and bond-market pressure are narrowing Congress's options even though allies concede the bill faces long odds this year.