WASHINGTON — A group of bipartisan senators urged Congress on Wednesday to address Social Security’s long-term funding challenges as the program’s primary trust fund faces projected depletion in 2032.
Sens. Bill Cassidy, R-La., Dick Durbin, D-Ill., Tim Kaine, D-Va., and Thom Tillis, R-N.C., released a joint statement following the release of the 2026 Social Security Trustees Report. The report projects that the Old-Age and Survivors Insurance trust fund could be depleted in late 2032, after which scheduled benefits would be payable at about 78 percent absent legislative action, according to the trustees.
“Several of us have been coming together to talk about how we can strengthen Social Security for current and future generations of retirees,” the senators said in the statement. “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 has outlined a specific proposal to help address the funding structure by creating a separate investment fund. The plan calls for borrowing $1.5 trillion over five years to invest in a diversified portfolio, modeled in part after changes to the federal Railroad Retirement system. Proponents say the fund’s growth over decades could help offset a significant portion of the program’s unfunded liability while keeping benefits intact.
Cassidy, who is not seeking re-election after losing his Republican primary, described the idea as a “big idea” to avoid immediate tax increases or benefit cuts. Details on how any remaining shortfall would be addressed remain unclear. Analyses of similar past proposals have raised questions about market risks, borrowing costs and whether such a fund would fully resolve solvency issues without additional measures.
Social Security, which provides benefits to more than 70 million Americans, relies primarily on payroll taxes. Trustees have long warned of demographic pressures from an aging population and longer lifespans, which have strained the worker-to-beneficiary ratio. The payroll tax base has also narrowed over time.
The senators’ call comes amid other bipartisan and partisan proposals in Congress. A separate House bill, the Bipartisan Social Security Commission Act of 2026, introduced earlier this month by Reps. Tom Cole, R-Okla., and Tom Suozzi, D-N.Y., would create a 13-member commission to develop solvency recommendations that would receive a guaranteed vote in Congress.
Sens. Elizabeth Warren, D-Mass., and Bernie Moreno, R-Ohio, have also discussed legislation to lift the cap on wages subject to the payroll tax.
No comprehensive reform package has yet advanced. Congressional action on Social Security has been limited since the 1983 bipartisan compromise. Lawmakers from both parties have acknowledged the need for changes, but significant differences remain over the balance of revenue increases and benefit adjustments.
The four senators noted that those elected in 2026 will serve during the critical period approaching trust fund depletion. Cassidy said he plans to push for hearings and legislative drafting in the coming months.
The trustees report and the senators’ statement have drawn attention to the program’s finances but have not produced immediate legislative movement. Details on next steps for specific proposals were not immediately available.
