North Carolina Senator Thom Tillis has teamed up with a bipartisan group of lawmakers to introduce a new bill aimed at rescuing Social Security from looming insolvency.
Tillis, along with five other senators, introduced the PROMISE Act, which instructs the bipartisan Social Security Advisory Board to submit a "base bill" to extend the program's financial solvency. If the board fails to do so, the bill creates a backup process allowing lawmakers to put forward their own bipartisan proposals.
The move comes as the Social Security retirement trust fund faces a critical deadline. Without congressional action, the program is projected to run out of reserves by late 2032. If that happens, beneficiaries would face an immediate 22 percent cut to their monthly checks.
The new bill mandates that any final legislation must guarantee Social Security solvency for at least 50 years.
