Overview
- A group of eight centrist senators introduced the PROMISE Act and the Senate Finance Committee held its first hearing last week as sponsors prepare to press the measure in the post‑midterm lame‑duck window.
- The bill would require the seven‑member Social Security Advisory Board to draft a plan that keeps the program solvent for 50 years and create automatic discharge rules to push committees to send that plan to the floor.
- Trustees project the Old‑Age and Survivors Insurance trust fund could run out of reserves in roughly six years, which would trigger automatic benefit reductions of about 25% unless Congress acts.
- Opposition is broad and cross‑ideological, with AARP, progressive groups, Sen. Bernie Sanders and some conservatives including Grover Norquist warning the process could lead to tax increases or benefit cuts with limited public input.
- If the board drafts a plan it is expected to mix benefit changes and revenue options such as lifting the payroll‑tax cap or raising the retirement age, but passage is uncertain because the bill preserves normal Senate vote thresholds and several sponsors will leave the Senate at year end.