Here’s what was said.
Millions of Americans depend on Social Security every month, and one outgoing Republican senator says Congress is running out of time to prevent major benefit cuts.
Sen. Bill Cassidy (R-La.), who lost his Republican primary earlier this year to a candidate backed by President Donald Trump, is once again urging lawmakers to address the program’s long-term financial challenges before retirees feel the impact.
Appearing Sunday on CBS’s Face the Nation, Cassidy warned that under current law, Social Security recipients could eventually see their monthly checks reduced by 22% to 25% if Congress fails to act before the program’s primary retirement trust fund runs short of money.
“We’re working on Social Security,” Cassidy said. “If the trust fund becomes insolvent under current law, beneficiaries could face significant cuts.”
His warning follows the latest annual report from the Social Security and Medicare Boards of Trustees, which projects that the Old-Age and Survivors Insurance (OASI) Trust Fund can continue paying 100% of scheduled retirement benefits until the fourth quarter of 2032.
After that point, the trust fund is expected to collect enough revenue to cover about 78% of scheduled benefits, meaning automatic reductions could occur unless lawmakers approve changes.
The report has renewed calls in Washington for lawmakers to confront one of the nation’s biggest long-term financial challenges.
Earlier this month, Cassidy joined Republican Sen. Thom Tillis along with Democratic Sens. Dick Durbin and Tim Kaine in urging Congress to begin negotiations now rather than waiting until the deadline is just around the corner.
In a joint statement, the bipartisan group said lawmakers were elected to solve difficult problems and argued that protecting Social Security is essential for today’s retirees as well as future generations.
Cassidy has spent years developing his own proposal to strengthen the program.
His plan would have the federal government invest approximately $1.5 trillion over five years into a separate investment fund outside Social Security’s existing trust funds. According to Cassidy, the investment could grow substantially over the coming decades and eventually offset between 60% and 65% of the program’s long-term unfunded obligations.
The Louisiana Republican said he has worked on the proposal for nearly six years and believes it offers a path toward improving Social Security’s long-term outlook without waiting until the system reaches a financial breaking point.
“I am still working on that plan,” Cassidy said. “I want to bring it to completion.”
Social Security remains one of the most important issues facing Washington because millions of retirees rely on the program for a significant portion of their monthly income. With the projected funding deadline drawing closer, pressure is likely to increase on Congress to find a bipartisan solution before automatic benefit reductions become a reality.
Whether lawmakers can reach an agreement before that deadline may determine the future of retirement security for millions of American seniors.