Bipartisan Proposal Aims to Map Out Major Social Security Overhaul

According to the 2026 Social Security Trustees Report, the Old-Age and Survivors Insurance (OASI) Trust Fund could be exhausted in the fourth quarter of 2032, which could lead to reduced retirement benefits. The combined Social Security trust funds, or OASDI, are projected to last until the third quarter of 2034.

In response, lawmakers introduced a bipartisan measure designed to create a commission that would develop recommendations for strengthening Social Security's long-term finances. The bill is still in its early stages and has not moved beyond committee referral.

Here is a closer look at what the proposal would do and why some observers warn that benefit cuts may be on the horizon.

The Bipartisan Social Security Commission Act of 2026

Representatives Tom Cole (R-OK) and Tom Suozzi (D-NY) introduced H.R. 9187, the Bipartisan Social Security Commission Act of 2026. The legislation would set up an independent, bipartisan commission to examine Social Security's long-term solvency.

Suozzi said Social Security is nearing insolvency and warned that benefits could be reduced if Congress does not act. He said the program's promise should not be broken and urged immediate action.

Cole said Social Security's solvency is at a critical point and argued that leaving the issue untouched is not a realistic option for lawmakers.

What the proposal would establish

The measure follows the model of the Social Security Commission formed in the early 1980s. It would create a 13-member bipartisan panel tasked with producing a long-range fix for the program's funding gap.

Once formed, the commission would have one year to submit recommendations to Congress. Any proposal would need support from at least nine of the 13 members, and the resulting legislation would receive expedited consideration in both chambers.

The program's financial outlook

Social Security's funding shortfall remains a major concern. Under the trustees' projections, continuing income would cover about 78% of scheduled OASI benefits after the trust fund is depleted. For the combined OASDI trust funds, continuing income would cover about 83% of scheduled benefits after depletion.

The projected gap stems from several long-running pressures, including an aging population, shifts in the size of the workforce, and higher program costs over time.

Support for the legislation

The proposal has drawn backing from a range of organizations, including the Committee for a Responsible Federal Budget, the Progressive Policy Institute, and the American Action Forum.

Carolyn Bourdeaux of Concord Action said the commission bill is an important first step toward restoring retirement security without harming the nation's long-term economic health.

Zach Moller of Third Way said preserving the program will require bipartisan cooperation and that a commission offers a strong path to a practical and durable solution.

Concord Action identifies Bourdeaux as its current executive director, while Third Way lists Moller as Senior Director of its Economic Program.

Criticism of the proposal

The measure also faced criticism when it was introduced. Drew Powers, founder of Powers Financial Group, said the changes needed to fix Social Security's finances are likely to be unpopular, but still necessary. He suggested the commission could delay the hard choices.

One additional comment attributed to Powers in the original article could not be independently verified, so it is not reproduced here.

Status of the bill

H.R. 9187 was introduced and then referred to the House Committee on Ways and Means as well as the Committee on Rules. No floor action has been recorded.

If enacted, the commission would still need to be formed and would then have a year to deliver recommendations. Any eventual policy changes, such as adjustments to payroll taxes, benefit formulas, or retirement ages, would be separate from the commission bill itself.

Bottom line

The Bipartisan Social Security Commission Act of 2026 is aimed at creating a process for developing long-term fixes rather than spelling out the changes needed to close Social Security's financing gap.

The bill remains in committee, while the trustees' projections point to depletion of the retirement-focused OASI Trust Fund in the fourth quarter of 2032 and the combined OASDI trust funds in the third quarter of 2034.

If you depend on Social Security, it may be wise to follow developments closely, review retirement plans, and consult a financial planner to prepare for the possibility of reduced benefits.

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