Those discussions, some senators say, are also expected to see a “push” in coming weeks, particularly on the heels of a recent report from Congress’ nonpartisan budget scorekeeper that moved up the projected timeline for when the program could approach insolvency to 2032 — a year sooner than previously thought.
While a number of factors could impact the timeline in the future, experts are hopeful the update will serve as a wakeup call to Congress to put more elbow grease into striking a bipartisan deal to shore up the program’s solvency sooner rather than later.
If the program were to reach insolvency, officials warn beneficiaries could see steep reductions in benefits.
“Social Security benefits would be more than 20 percent smaller than scheduled, if outlays are limited to what is payable after this trust fund exhaustion,” Phillip Swagel, director of the Congressional Budget Office, said at an event Friday hosted by the Bipartisan Policy Center.
“So, there’s a sense in which doing nothing does not preserve Social Security, but affects the benefits that are able to be paid out,” he added.
His comments underscore some of the pressure lawmakers face in reaching a compromise to help extend the program’s solvency. But changes to Social Security are a tough lift in Washington, and there is resistance on both sides to dedicating political capital to press for changes to the popular program, particularly as the 2024 election cycle creeps on the horizon.
You can find a skimmable list of key questions and answers about the program’s funds at TheHill.com.
