WASHINGTON — A bipartisan Senate duo is working on a package of changes to Social Security, wading into choppy political waters as President Joe Biden hits Republicans on the issue ahead of his long-awaited re-election bid.
Senators Bill Cassidy, a Louisiana Republican, and Angus King, a Maine independent who caucuses with the Democrats, are leading an effort to unite the parties to «preserve and protect the retirement security of all Americans now and in the future». they said in a joint statement on Friday.
“The Social Security fund will be insolvent in less than a decade,” Cassidy and King said, adding that “they are listening to every possible part of that equation, as Ronald Reagan and Tip O’Neill did in 1983, and leaning on a proven financial model to do so.
The Social Security trust is solvent until 2034, according to a trustees reportafter which the benefits would drop to 77% and drop to 72% in 2096.
The two senators offered some specific possible solutions Friday while avoiding some of the biggest challenges.
“Dozens of considerations are being weighed to protect Social Security, including blocking early retirement at age 62, strong protection for lower-wage workers, and seeking ways to increase benefits immediately,” they said in the statement. “Under what we are discussing, millions would immediately receive more and no one would receive less.”
The discussions, some details of which were previously reported by traffic lightThey are in an incipient stage. It’s far from clear that the two senators can agree on a solution that can win broad support in the Senate, let alone pass Congress and become law. It’s also unclear how much support King has from Democrats in their talks.
The two parties are far apart on how to deal with Social Security, with Biden and the Democrats calling for new revenue to finance the long-term deficit and improve benefits, while many Republicans push for long-term spending cuts.
Biden has weaponized the issue to attack Republicans who in recent years have proposed a variety of cuts, such as raising the eligibility age for Social Security, in hopes of converting seniors who strongly support the program against the Republican Party.
The issue has become embroiled in the debt ceiling debate, as House Speaker Kevin McCarthy calls for spending cuts. But he hasn’t identified what to cut and has insisted that Social Security and Medicare should not be on the table in a bill to avoid default. Democrats are demanding McCarthy show a plan, saying his demands to balance the budget are impossible without retirement or tax cuts.
Aides to Cassidy and King did not immediately say whether new tax revenue would be on the table to fund Social Security.
“These conversations are ongoing and we welcome additional comments and components,” the senators said in the joint statement. “As soon as we have a fully developed plan, we will post it for discussion and debate. Taking action is our only option; inaction now will only make it more difficult later. We choose to save, strengthen and secure Social Security.”
Sen. Mitt Romney, a Utah Republican who is part of the talks on the changes to Social Security, said the talks include a potential «sovereign wealth funda state investment fund, to help finance the program.
«It’s happening. We are discussing that. And the parameters of that approach are being evaluated. It’s not finalized yet,» Romney said. «It’s a reasonable proposition that requires no change in benefits for the next 75 years. In fact, it improves benefits, particularly for people at the lower end of the income scale, which would be helpful.»
Romney said a higher retirement age is also on the table.
«I think that’s part of the appeal of getting both sides together, which is that to make sure we save these programs forever, you have to recognize that life expectancy is much higher today than it was when Social Security was created.» . established,” she said. «And modestly increasing the age, you know, 20 years from now probably makes sense.»