A bipartisan group of senators introduced legislation that would fast-track a floor vote on Social Security’s looming insolvency, using an independent board to draft a starting plan Congress could no longer easily ignore.
More than 70 million Americans receive Social Security benefits.
The 2026 Social Security Board of Trustees report found the retirement trust fund will be depleted in 2032, triggering an automatic 22% cut to benefits. That cut would cut payouts for the 2.1 million Illinois retirees receiving benefits by more than $500 per month.
Among the sponsors is Illinois’ senior U.S. Senator, Dick Durbin, who spoke at length on the intention behind the Protecting Retirement Opportunities and Maintaining Income Security for Everyone, or PROMISE, Act.
Congress would be forced to amend and vote on the bill within 100 hours of receiving it, bypassing inaction that has left the retirement trust fund six years from depletion.
The retiring Durbin, along with two other senators, will not be in the Senate to see whether either plan succeeds.
Story from Illinois Radio Network
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