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1 week ago

New bipartisan plan seeks to prevent Social Security benefit cuts before trust fund depletion

A ticking clock on Social Security solvency has prompted a bipartisan coalition of senators to introduce legislation aimed at preventing automatic, across-the-board benefit cuts for more than 70 million Americans.Called the Protecting Retirement Opportunities and Maintaining Income Security for Everyone (PROMISE) Act, the bill establishes a procedural process designed to require congressional votes on a long-term Social Security solvency plan before the retirement trust fund's projected depletion in 2032 triggers an automatic 22% reduction in monthly benefits. The legislation calls for an inde...