How to avoid a Social Security cut? Lawmakers are floating ideas for what to do
Summary
Senators Dick Durbin and Bill Cassidy are working together to prevent a 22% cut in Social Security benefits starting in six years. They have proposed a bill to create a process for Congress to find ways to keep Social Security funded for at least 50 years.Key Facts
- Social Security benefits could be cut by 22% beginning in 2032 without action.
- Senators Durbin (Democrat) and Cassidy (Republican) are leading efforts to prevent this cut.
- Their bill sets up a bipartisan advisory board to gather public input and draft legislation to maintain Social Security solvency.
- The advisory board’s bill would be introduced in Congress and debated by Senate and House committees responsible for Social Security.
- Final approval requires a 60-vote majority in the Senate and a simple majority in the House.
- The bill does not provide specific solutions but establishes a process to address funding challenges.
- So far, the proposal has not gained strong support from other lawmakers.
- Lawmakers and future presidents will likely face increasing pressure to address Social Security’s financial issues before 2032.
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