New senators face Social Security funding deadline, with varied proposals
Some Democrats back payroll-tax changes; some Republicans back benefit-tax cuts or cite growth
The 17 incoming senators elected this week will take office as Social Security faces a funding shortfall. The program’s trust fund is projected to run dry in late 2032; after that, payroll-tax revenue would cover about 78% of scheduled benefits, forcing an automatic cut of roughly 22% unless Congress acts. The lawmakers’ campaign positions offer differing approaches to the gap.