New Senate Faces Social Security Funding DeadlineNew Senate Must Protect Social Security From Benefit CutsNew Senate Cannot Ignore Social Security’s Fiscal Math
After the November 3 midterm elections, Democrats won control of both chambers of Congress. The incoming Senate will face Social Security’s projected reserve depletion in 2032 and a potential 22% benefit cut.Democrats’ victories in both chambers give the incoming Congress a chance to address Social Security’s projected 2032 shortfall, with many Democratic Senate winners backing higher payroll taxes on high earners.Democrats’ midterm victories put the incoming Senate in office when Social Security’s reserves are projected to run out in 2032, forcing lawmakers to confront benefit cuts, taxes or borrowing.