Bill Reintroduced to Shore Up Social Security, Medicare

What the Legislation Aims to Do

The TRUST Act would establish bipartisan bicameral “rescue committees” for major federal trust funds projected to deplete their reserves by 2035 – which includes Social Security, Highways and Medicare Part A.

The TRUST Act “would not make any changes to federal programs,” the committee explained in a FAQ. “It would set up a process to encourage bipartisan agreement to avoid automatic cuts that will happen if lawmakers do not act.”

The TRUST Act “would not make any direct changes to Social Security or Medicare,” the committee explained, but ” would set up bipartisan commissions made up of members of Congress that would be charged with restoring the solvency of these important programs.

Cost reductions would be on the table, especially reforms to address the overall cost of health care, as would benefit expansions and new revenue.”

A commission, the Committee said, could recommend a revenue-only approach,” such as Rep. John Larson’s, D-Conn., Social Security 2100 Act or Rep. Earl Blumenauer’s, D-Ore., Rebuild America Act for transportation: “ It could also recommend a spending-focused approach or a more balanced approach. Ultimately, recommendations would need to have bipartisan support to succeed.”

The rescue committees would be tasked with writing legislation to prevent trust fund depletion, improve long-term solvency, and simplify and improve the underlying programs.

According to the Committee for a Responsible Federal Budget, the revised bill would set a June 1, 2021, deadline for recommendations.

Also, “lawmakers could advance recommendations any time they are able to strike an agreement. Legislation reflecting these proposals would receive fast-track consideration in both chambers of Congress while preserving the 60-vote threshold in the Senate,” the committee said.