New Bipartisan Bill Proposed to Plan Major Social Security Changes

The Social Security trust fund is projected to run out in the fourth quarter of 2032, according to the 2026 Social Security Trustees Report, and senior benefits could be reduced when it does. That projection applies to the Old-Age and Survivors Insurance (OASI) Trust Fund, which primarily pays retirement and survivor benefits. The combined Social Security trust funds, known as OASDI, are projected to be depleted in the third quarter of 2034.

Against that backdrop, lawmakers introduced a bipartisan bill in June 2026 that would establish a commission to develop recommendations for addressing Social Security's long-term finances. The proposal remains in its early stages and, as of September 28, 2026, has not advanced beyond committee referral.

Here's what you should know about potential Social Security benefit cuts and what the bill would do.

The Bipartisan Social Security Commission Act of 2026

On June 8, 2026, Representatives Tom Cole (R-OK) and Tom Suozzi (D-NY) introduced H.R. 9187, the Bipartisan Social Security Commission Act of 2026. The bill would establish a bipartisan, independent commission to address Social Security's long-term financial solvency.

"Social Security is fast approaching insolvency in 2032, and benefits will be cut if Congress fails to act. We cannot allow the promise of Social Security to be broken," said Suozzi. "The time to act is now!"

"I am going to tell you the truth that many of my fellow politicians in Washington refuse to acknowledge: the solvency of Social Security is at a critical point, and millions of Americans who have paid into this program throughout their working lives may not receive the money they deserve," Cole explained. "Therefore, doing nothing on Social Security is not an option."

What the Bipartisan Social Security Commission Act would do

The legislation is modeled after the Social Security Commission created in the early 1980s. It calls for a 13-member bipartisan commission dedicated to developing a long-term solution to Social Security's financial shortfall.

Within a year of the commission's formation, the commission would be required to report to Congress with recommendations intended to keep Social Security financially solvent over the long term. Those recommendations would need approval from at least nine of the commission's 13 members. The commission's proposed legislation would receive expedited consideration in the House and Senate.

Social Security's financial outlook

Social Security's financial insolvency is a pressing issue, and Congress needs to quickly find a solution. If the trust fund becomes depleted, continuing income would cover about 78% of scheduled OASI benefits under the Trustees' projections. The combined OASDI trust funds are projected to remain able to pay full scheduled benefits until the third quarter of 2034, after which continuing income would cover about 83% of scheduled benefits.

The projected shortfall reflects demographic and economic factors, including population aging, changes in workforce size, and long-term program costs.

Public support for the bill

The Social Security Commission Act has received widespread support from many organizations, such as the Committee for a Responsible Federal Budget, the Progressive Policy Institute, and the American Action Forum.

"The Bipartisan Social Security Commission Act is an important first step to getting us back on track and protecting retirement security while not compromising the long-term economic health of the nation," said Carolyn Bourdeaux, executive director of Concord Action.

"Saving this essential program will require bipartisan cooperation, and a Social Security commission offers the best path to a thoughtful, durable solution," said Zach Moller, Senior Director of the Economic Program at Third Way.

Concord Action confirms Bourdeaux's current title, and Third Way identifies Moller as Senior Director of its Economic Program.

Criticism of the bill

The proposal also drew criticism when it was introduced in June 2026. Drew Powers, founder of Powers Financial Group, said the changes needed to address Social Security's finances tend to be unpopular but necessary. He characterized the commission as potentially delaying those difficult decisions.

The published article attributes an additional comment to Powers comparing the current situation with the Social Security crisis of 1981. However, I could not independently verify the original wording of that quotation, so I omitted it rather than reproduce it with an unverified correction.

The status of the bill

H.R. 9187, the Bipartisan Social Security Commission Act of 2026, was introduced on June 8, 2026. Its latest recorded action is referral to the House Committee on Ways and Means and, additionally, the Committee on Rules. As of September 28, 2026, the bill has had no recorded floor action.

If enacted, the commission would then need to be formed and would have a year to develop and submit recommendations. Any subsequent policy changes — such as adjustments to payroll taxes, Social Security benefit formulas or retirement ages — would be separate from the commission legislation itself.

Bottom line

The Bipartisan Social Security Commission Act of 2026 proposes a process for developing a long-term Social Security solution rather than specifying the benefit or tax changes that would ultimately address the program's projected financing gap.

As of September 2026, H.R. 9187 remains in committee after its June 8 introduction. The 2026 Trustees Report projects depletion of the retirement-focused OASI Trust Fund in the fourth quarter of 2032 and depletion of the combined OASDI trust funds in the third quarter of 2034.

If you or loved ones depend on Social Security, keep watching for updates about this important issue. You may want to recalculate your retirement budget to account for reduced Social Security benefits, and it's a good idea to check in with a financial planner to make sure that you're on track for retirement.

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