A bipartisan group of senators introduced legislation Tuesday aimed at forcing Congress to confront Social Security’s looming funding shortfall before automatic benefit cuts take effect.
The proposal comes as the latest report from Social Security trustees warns that the program’s retirement trust fund will be depleted by late 2032 unless Congress acts. At that point, Social Security would only be able to pay about 78% of scheduled benefits, resulting in an automatic cut of roughly 22% for millions of retirees.
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