The PROMISE Act: A Super Simple Guide to Social Security Reform

Photo: People walk with umbrellas outside the U.S. Capitol Building on July 09, 2026 in Washington, DC. Heavy rain and lightning swept through the city on Thursday night. (Finn Gomez | Getty Images)

What Is the Big News?

A group of senators from both big political teams (Democrats, Republicans, and one Independent) is introducing a new bill called the PROMISE Act.

• PROMISE stands for Protecting Retirement Opportunities and Maintaining Income Security for Everyone.
• The bill wants to create a clear process for changing Social Security—a very old (more than 90 years) government program that sends monthly money to more than 71 million Americans (like retirees, disabled folks, and survivors).

Think of Social Security as a giant community piggy bank. Workers put in a little money from each paycheck, and that cash goes out to help people who are older or can’t work. It’s called a “pay-as-you-go” system because today’s workers pay for today’s recipients. There are also extra savings accounts called trust funds that help when the regular money isn’t enough.

Important: The piggy bank is running low! According to a report from the Social Security trustees released in June, by the year 2032 the program may only be able to pay 78% of retirement benefits. That means some checks could be smaller.

Why Haven’t They Fixed It Yet?

Many senators and representatives have suggested fixes, but almost none of those ideas have been voted on. The PROMISE Act proposal (released Wednesday) says, “Let’s make a special rule so Congress actually talks about these ideas and votes on them before the money runs out.”

Who Is Behind the Bill?

The lawmakers introducing the bill are:

• Sen. Dick Durbin – the Democratic Whip from Illinois (he is retiring at the end of his current term)
• Sen. Bill Cassidy – Republican from Louisiana (he recently lost his primary reelection bid)
• Sen. John Cornyn – Republican from Texas
• Sen. Tim Kaine – Democrat from Virginia
• Sen. Angus King – Independent from Maine
• Sen. Thom Tillis – Republican from North Carolina

Senator Durbin said: “Social Security is the bedrock promise of a secure retirement, earned after a lifetime of hard work. But the longer Congress waits, the more difficult it will be to address the program’s financial shortfall.”

A Little Background

On June 10, four of these leaders (Cassidy, Durbin, Kaine, and Tillis) put out a joint statement after the yearly trustees report came out. They wrote: “We say to our colleagues: join us in doing what we were elected to do—legislate on hard issues and protect this lifeline program for our kids and grandkids.”

Cassidy told CNBC in June: “I want to get it done before we leave, so there is impetus to get it done.” He has a “big idea”: create a separate investment fund for Social Security, similar to changes made for the federal Railroad Retirement system when President George W. Bush was in office.

There is also a video where Louisiana Senator Bill Cassidy talks about his call for unity among Congress.

Other Ideas People Have Suggested to Fix Social Security

• Raise the retirement age (make people work a bit longer before they get checks).
• Increase taxes on high earners (people who make a lot pay a bit more).
• Remove the payroll tax cap (right now, the tax on paychecks stops at $184,500 of income). Senators Elizabeth Warren (Democrat, Massachusetts) and Bernie Moreno (Republican, Ohio) wrote an op-ed wanting to do this.

The Money Timeline (Simple Version)

• The 2026 trustees report says the retirement trust fund (called Old-Age and Survivors Insurance, or OASI) may run out in the fourth quarter of 2032—that’s three months earlier than they thought before.
• If you mix that retirement fund with the disability trust fund (for people who can’t work due to disability), the combined piggy bank could pay full benefits until 2034, after which it could pay 83% of benefits.
• Over a 75‑year period, the “solvency gap” (how much extra money is needed) went up to 4.42% of payroll from 3.82%. A think tank called the Committee for a Responsible Federal Budget (CRFB)—which supports the PROMISE Act—said, “Social Security’s financial outlook has substantially worsened.”
• Some experts warn that if the money runs out, it could hurt the bond market (where the government borrows money) and the whole economy, possibly causing a fiscal crisis.

How the PROMISE Act Would Work (Step by Step)

The bill creates a procedure to make Congress act before the depletion dates. Here’s the recipe:

1. Public Input & Base Bill – An independent, bipartisan group called the Social Security Advisory Board would gather ideas from the public and send a “base bill” to Congress. Any idea in it must keep Social Security solvent (money‑ready) for at least 50 years.
2. Introduce the Bill – The leaders of the Senate and House would introduce this base bill. If they don’t, other members of Congress can do it.
3. Committee Review – The bill goes to the Senate Finance Committee and the House Ways and Means Committee. They can hold hearings, suggest changes, or tweak it.
4. Floor Time – The bill then goes to the main floor of both the Senate and House for 100 hours of discussion. Lawmakers can propose substitute amendments (different versions). To adopt an amendment in the Senate, it needs 60 votes.
5. Final Vote – The final bill also needs at least 60 Senate votes to pass.
6. Every 10 Years Check – The law would create a solvency review every decade. If a shortfall is predicted, the same floor procedures kick in.

Key Point: The fact sheet says the PROMISE Act “does not bypass regular order, predetermine a policy outcome, or establish a fiscal commission.” In kid words: it doesn’t pick the fix itself, skip the normal rules, or create a secret panel. It just opens the door for fair, transparent debate.

Summary

A bipartisan group of six senators (Durbin, Cassidy, Cornyn, Kaine, King, Tillis) introduced the PROMISE Act to force Congress to seriously consider Social Security fixes. Social Security is a 90‑plus‑year program helping over 71 million Americans, but its trust funds may only pay 78% of retirement benefits by 2032 if nothing changes. The Act would have an independent board draft a base bill, send it through committees, and guarantee 100 hours of debate with a 60‑vote threshold in the Senate. It also sets a 10‑year review. Other fix ideas include raising the retirement age, taxing high earners more, or removing the $184,500 payroll tax cap. Experts warn that delay could hurt the economy, so the senators want to act now.

FAQ

Q1: What is Social Security in simple terms?
A1: It’s a government program that takes a small amount from workers’ paychecks and uses it to give monthly money to retirees, disabled people, and survivors. It’s like a big relay race where today’s workers hand off cash to today’s elders.

Q2: What does PROMISE stand for?
A2: Protecting Retirement Opportunities and Maintaining Income Security for Everyone. It’s a law proposal to make Congress fix Social Security fairly.

Q3: Will my grandparent’s check stop completely in 2032?
A3: No. The report says if nothing changes, the program could pay about 78% of retirement benefits in 2032. That means checks might be smaller, not gone. If combined with the disability fund, full checks could last until 2034, then about 83%.

Q4: How is the PROMISE Act different from other bills?
A4: It doesn’t itself change Social Security benefits. Instead, it creates a special, fair pathway—with public input and required debate time—for Congress to finally vote on any serious proposal that keeps the program funded for 50 years.

Q5: Who are the main senators pushing this?
A5: Senators Durbin (IL), Cassidy (LA), Cornyn (TX), Kaine (VA), King (ME), and Tillis (NC). Durbin is retiring and Cassidy lost his primary, so they want to get something done before leaving.