Bipartisan Social Security Legislation: A bipartisan group of eight senators wants to force Congress’s hand on Social Security before it is too late. On July 14, 2026, Senators Dick Durbin, Bill Cassidy, Tim Kaine, Thom Tillis, Angus King, John Cornyn, Chris Coons and Alan Armstrong introduced the PROMISE Act, a bill that would require an independent board to write a 50-year solvency plan and then force a floor vote within 100 hours, with no filibuster allowed. It follows a similar House bill from June, the Bipartisan Social Security Commission Act, sponsored by Republican Tom Cole and Democrat Tom Suozzi. Neither bill cuts benefits or raises taxes by itself. Both are built to make sure Congress cannot keep avoiding the decision. We’ll be updating this article monthly as these bills move through committee and as new trustees data, COLA figures and Social Security Administration guidance come in.
The urgency is not political theater. The 2026 Social Security Trustees Report, released June 9, 2026, moved up the projected depletion date for the retirement trust fund to 2032, a year earlier than the prior report, largely because of revenue changes tied to the 2025 tax law known as the One Big Beautiful Bill Act. If nothing changes, the trustees say benefits would face an automatic cut of roughly 22 percent the moment that trust fund runs dry. This guide breaks down exactly what the two leading bipartisan bills would do, what current beneficiaries need to know about the 2027 cost-of-living adjustment, and includes a calculator so you can see how a COLA increase or a future benefit cut could affect your own check.
What Is the Social Security Solvency Deadline?
Every year, the Social Security Trustees publish a report estimating how long the program’s trust funds can keep paying full benefits. The 2026 report found that the Old-Age and Survivors Insurance trust fund, which pays retirement and survivor benefits, will be depleted in 2032. At that point, incoming payroll taxes alone would only cover about 78 percent of scheduled benefits, meaning an automatic, across-the-board cut of roughly 22 percent unless Congress acts first. Looking at the retirement and disability trust funds combined, on a theoretical basis, the depletion date is 2034, with a smaller but still significant cut of around 17 percent.
The trustees also raised their long-term shortfall estimate to 4.42 percent of taxable payroll over 75 years, an increase driven mainly by lower fertility, reduced immigration, and reduced tax revenue from the 2025 tax law’s changes to how Social Security benefits are taxed. In plain terms, this means the math has gotten a little worse since last year’s report, and the political window to fix it gradually, rather than through a sudden crisis cut, is shrinking.
Timeline: Key Social Security Developments in 2026
| Date | Event |
|---|---|
| June 8, 2026 | Reps. Tom Cole and Tom Suozzi introduce the Bipartisan Social Security Commission Act of 2026 in the House. |
| June 9, 2026 | Social Security and Medicare Trustees release the 2026 report, moving the OASI trust fund depletion date to 2032. |
| July 14, 2026 | Eight senators from both parties introduce the PROMISE Act in the Senate, referred to the Finance Committee. |
| September 2 to 5, 2026 | Committee activity continues on both bills as advocacy groups weigh in on the proposed fast-track voting rules. |
| September 11, 2026 | New inflation data pushes 2027 COLA estimates to a range of 3.5 to 3.6 percent, the highest projected increase in three years. |
| October 2026 (expected) | Social Security Administration set to announce the official 2027 cost-of-living adjustment based on third-quarter CPI-W data. |
The PROMISE Act, Explained
The Protecting Retirement Opportunities and Maintaining Income Security for Everyone Act, known as the PROMISE Act, is Senate legislation introduced July 14, 2026 by a bipartisan group led by Senator Dick Durbin. Under the bill, the Social Security Advisory Board, a small independent panel, would be required to draft a base plan guaranteeing at least 50 years of solvency and submit it to Congress. Once submitted, the Senate would be forced to debate, amend and vote on the plan within 100 hours, without the usual option to filibuster or run out the clock. The bill itself does not specify benefit cuts, tax increases, or a change to the retirement age. It only sets up the fast-track process. Supporters argue that removing the procedural excuses lawmakers have used for decades is the only realistic way to force a resolution before the 2032 deadline. Critics, including some senior advocacy groups, have raised concerns that a four-member unelected board would have very limited time and public input to shape a plan with major consequences for tens of millions of Americans.
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The Bipartisan Social Security Commission Act, Explained
Introduced on June 8, 2026 by Republican Representative Tom Cole of Oklahoma and Democratic Representative Tom Suozzi of New York, the Bipartisan Social Security Commission Act of 2026 takes a related but distinct approach. It would create a 13-member Commission on Long-Term Social Security Solvency, with eight members appointed evenly by congressional leadership, four appointed by the top Republicans and Democrats on the House Ways and Means and Senate Finance committees, and a chair appointed by the president. The commission would be tasked with producing a 75-year solvency plan, and if at least nine of the 13 members agree, Congress would be required to vote on that plan on an expedited basis within a few legislative days, without amendments. Representative Cole has introduced versions of this commission concept across seven previous Congresses, none of which became law, which is part of why supporters see the current bipartisan momentum, paired with the looming 2032 deadline, as a real opportunity this time.
How the Two Bills Compare?
| Feature | PROMISE Act (Senate) | Bipartisan Social Security Commission Act (House) |
|---|---|---|
| Introduced | July 14, 2026 | June 8, 2026 |
| Lead sponsors | Dick Durbin, Bill Cassidy and six co-sponsors | Tom Cole and Tom Suozzi |
| Who drafts the plan | Social Security Advisory Board | 13-member bipartisan commission |
| Solvency target | At least 50 years | 75 years |
| Vote requirement | Forced vote within 100 hours, no filibuster | Expedited vote within a few legislative days if 9 of 13 members agree |
| Changes benefits directly | No, sets up a process only | No, sets up a process only |
Other Recent Social Security Legislation to Know
These two solvency bills follow other notable, and in some cases already-enacted, bipartisan Social Security action. The Social Security Fairness Act, signed into law in January 2025, eliminated the Windfall Elimination Provision and the Government Pension Offset, restoring or increasing benefits for millions of teachers, firefighters, police officers and other public employees who also receive a government pension. Separately, the GUARD Act, introduced by Representatives Emilia Sykes and Rob Bresnahan, aims to keep the Social Security Administration fully staffed and responsive to constituent casework during any future government shutdown, after a lapse in funding previously forced the agency to furlough more than 6,000 employees.
What the 2027 COLA Means for Current Beneficiaries?
Separate from the solvency debate, current beneficiaries are watching the annual cost-of-living adjustment closely. The 2026 COLA came in at 2.8 percent, raising the average retired worker’s benefit to roughly 2,086 dollars a month. Based on inflation data through August 2026, independent analysts including AARP and the Senior Citizens League now estimate the 2027 COLA at 3.5 to 3.6 percent, which would be the largest increase since 2023 and would add roughly 70 to 80 dollars a month to the average check. The Social Security Administration will not confirm the official number until it has September’s inflation data in hand, with an announcement expected in October 2026.
Social Security Benefit and COLA Calculator
Enter your current monthly benefit to see how a 2027 cost-of-living raise, or an unaddressed 2032 insolvency cut, could change your check. This tool is for general estimation only.
Estimate Your Future Benefit
Figures are based on publicly reported trustee and analyst estimates as of September 2026 and are for general planning reference only. They are not financial advice and are not an official Social Security Administration calculation. Confirm your own benefit details through your my Social Security account.
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How to Apply and Check Your Benefit Status?
Applying for retirement, survivor or disability benefits
- Create or log into a my Social Security account at ssa.gov to review your earnings record and estimated benefit.
- Apply online for retirement, spousal or disability benefits, or call the Social Security Administration to apply by phone or schedule an in-person appointment.
- Gather supporting documents such as your birth certificate, W-2 forms or self-employment tax returns, and military discharge papers if applicable.
Checking application and payment status
- Log into your my Social Security account to track the status of a pending application.
- Review your monthly payment schedule and any COLA adjustments directly through your online account or your annual benefit statement.
- Contact your local Social Security field office if your payment is delayed beyond the scheduled date on the payment calendar.
Payment Schedule and Processing Times
| Item | Typical Timing |
|---|---|
| Retirement or survivor benefit payments | Paid monthly on the second, third or fourth Wednesday, based on your birth date, or the third of the month for beneficiaries who began receiving benefits before May 1997 |
| Retirement application processing | Typically six to eight weeks once all documentation is submitted |
| Disability (SSDI) application processing | Commonly several months, and considerably longer if a hearing before an administrative law judge is required |
| Annual COLA announcement | Mid-October each year, based on third-quarter CPI-W data, with new payments starting in January |
Why Bipartisan Action Is Different This Time
Lawmakers from both parties have proposed Social Security fixes for decades, and almost none of them have gone anywhere. Representative Tom Cole has personally introduced or co-led some version of a bipartisan solvency commission across seven separate Congresses without success. What makes the current push notable is the combination of a hard, publicly confirmed deadline of 2032, growing pressure from senior advocacy groups, and a rare moment where senators who otherwise disagree on almost everything, including Bill Cassidy, Thom Tillis, Tim Kaine and Angus King, have put their names on the same bill. Three of the PROMISE Act's Senate sponsors, Durbin, Cassidy and Tillis, are not seeking re-election, which some analysts say may make it easier for them to back a politically difficult process now rather than closer to an election.
Advocacy groups remain split on the details even while agreeing on the urgency. AARP has called for Congress to act well before any trust fund shortfall forces automatic cuts, while groups such as the National Committee to Preserve Social Security and Medicare have raised concerns about handing major decisions to a small, unelected board or commission with limited public input and a compressed timeline. The Committee for a Responsible Federal Budget has argued that the earlier lawmakers start phasing in changes, whether through revenue increases, benefit formula adjustments, or a combination of both, the smaller and less disruptive those changes need to be for any single generation of workers or retirees.
What Solutions Could a Commission or Advisory Board Recommend?
Neither current bill specifies the actual fix, but past bipartisan proposals and the Social Security Trustees' own reports point to a familiar menu of options that a future commission or advisory board would likely weigh, including gradually raising the payroll tax cap, adjusting the benefit formula for higher earners, modestly raising the full retirement age for future retirees, changing how the annual cost-of-living adjustment is calculated, and increasing the payroll tax rate itself. Most credible plans blend two or more of these tools rather than relying on a single, larger change, since spreading adjustments across multiple levers tends to reduce the burden on any one group of workers or beneficiaries.
What Happens if Congress Does Not Act?
If lawmakers take no action before the trust fund depletion date, the Social Security Administration would be legally required to reduce benefit payments automatically to match incoming revenue, since the program cannot borrow to cover a shortfall the way the general federal budget can. That would mean an estimated 22 percent cut for all beneficiaries starting around 2032 if the retirement trust fund alone is considered, or roughly 17 to 22 percent depending on which combined estimate is used. Supporters of both the PROMISE Act and the Bipartisan Social Security Commission Act argue that forcing an earlier, more gradual fix, phased in over time, is far less disruptive than a sudden, across-the-board cut hitting retirees who are already receiving benefits.
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FAQs
What is the new bipartisan Social Security bill in 2026?
There are two leading bipartisan bills in 2026: the PROMISE Act in the Senate, introduced July 14, 2026, and the Bipartisan Social Security Commission Act in the House, introduced June 8, 2026. Both aim to force a vote on Social Security's long-term solvency before benefit cuts take effect.
Will Social Security run out of money?
The trust fund that pays retirement benefits is projected to be depleted in 2032. This does not mean Social Security disappears, since ongoing payroll taxes would still cover about 78 percent of scheduled benefits, but it would trigger an automatic cut of roughly 22 percent unless Congress passes new legislation before then.
Do these bills cut Social Security benefits right now?
No. Neither the PROMISE Act nor the Bipartisan Social Security Commission Act cuts benefits, raises taxes, or changes the retirement age by itself. Both bills only create a faster process for Congress to debate and vote on a future solvency plan.
What will the 2027 Social Security COLA be?
As of September 2026, independent estimates from AARP and the Senior Citizens League put the 2027 cost-of-living adjustment between 3.5 and 3.6 percent. The Social Security Administration will announce the official figure in mid-October 2026.
How much will my Social Security check increase in 2027?
Based on current estimates, the average retired worker's benefit could rise by roughly 70 to 80 dollars a month. The exact amount depends on your individual benefit and the final COLA percentage confirmed in October.
Why is Social Security's trust fund running out faster than expected?
The 2026 Trustees Report moved the depletion date up by a year, citing lower fertility rates, reduced immigration, and lower tax revenue collected on Social Security benefits following the 2025 tax law changes.
What is the Social Security Fairness Act?
The Social Security Fairness Act, signed into law in January 2025, repealed the Windfall Elimination Provision and Government Pension Offset, increasing benefits for many public sector retirees who also receive a pension from work not covered by Social Security.
How can I track these bills as they move through Congress?
You can follow both bills directly on Congress.gov by searching their bill numbers, or by checking the websites of the sponsoring members of Congress for official updates and press releases.
Official Resources
| Resource | Purpose | Link |
|---|---|---|
| my Social Security Account | Login, benefit estimates, and application status | ssa.gov/myaccount |
| Apply for Retirement Benefits | Online retirement benefit application | ssa.gov/benefits/retirement |
| Apply for Disability Benefits | Online SSDI application | ssa.gov/benefits/disability |
| Check Application Status | Track a submitted application | ssa.gov application status |
| Social Security Trustees Reports | Official annual trust fund financial reports | ssa.gov trustees reports |
| Congress.gov Bill Tracker | Follow the PROMISE Act and Commission Act status | congress.gov |
| COLA Information | Official cost-of-living adjustment announcements | ssa.gov/cola |
Conclusion
Social Security is heading toward a real financing deadline, and for the first time in years there are two active, genuinely bipartisan bills in Congress built specifically to force a decision before that deadline arrives. Neither the PROMISE Act nor the Bipartisan Social Security Commission Act changes anyone's benefit today, but both are designed to make sure lawmakers cannot simply run out the clock the way they have for decades. In the meantime, current beneficiaries are watching a more immediate number, the 2027 cost-of-living adjustment, expected to land between 3.5 and 3.6 percent when the Social Security Administration makes its official announcement in October. Use the calculator above to see how either a COLA increase or a future insolvency cut could affect your own check, keep an eye on official ssa.gov and Congress.gov updates, and check back here for next month's update as these bills move through committee.
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