(WAND) – Millions of Americans depend on Social Security checks in retirement, but there are warnings the program could be insolvent by late 2032, just six years from now.
“We have to do something as quickly as possible to make sure Social Security benefits are not diminished,” Sen. Dick Durbin told WAND News. “What I want to do is to bring to the floor of the Senate any proposal that buys 50 years of solvency for Social Security.”
The 70 million Americans who rely on Social Security could see benefits cut by $450 each month if Congress does not find a fix within the next six years.
Durbin has new legislation called the Promise Act. It is bipartisan legislation being introduced in the Senate by Durbin and four Republicans. Durbin hopes to see the measure on the legislative agenda this year.
Congress faced a similar crisis in 1983 when it approved a 50-year fix running through 2033.
