Congressman says lawmakers must confront looming solvency issues, but his latest proposal would first send the issue to a bipartisan panel for recommendations.
WASHINGTON — U.S. Rep. Tom Cole has introduced legislation that would create a bipartisan commission to study Social Security’s long-term finances and recommend potential reforms to Congress as lawmakers continue to wrestle with the program’s projected funding challenges.
The Oklahoma Republican’s Bipartisan Social Security Commission Act would establish a 13-member panel appointed by the president and congressional leaders from both parties. The commission would have one year to evaluate the program’s long-term outlook and develop recommendations aimed at improving Social Security’s financial health. Recommendations would require support from at least nine members before being forwarded to Congress.
In a column published Thursday, Cole argued Congress must address the program’s projected financial shortfall before beneficiaries face automatic reductions in future payments.
According to Cole, Social Security’s trust fund is projected to be depleted by 2034. He said that absent congressional action, the program would thereafter be able to pay only benefits supported by incoming revenue, resulting in reduced payments for recipients.
“Social Security is a promise we made to our seniors,” Cole wrote. “It is now on us, the government, to keep that promise.”
Rather than proposing specific changes to Social Security benefits or financing, the legislation would create a commission charged with developing recommendations for Congress.
Cole said the proposal is intended to build bipartisan consensus around reforms that have historically proven politically difficult for lawmakers to address.
The measure marks the seventh consecutive Congress in which Cole has sponsored or co-sponsored legislation creating a Social Security commission.
As chairman of the House Appropriations Committee, Cole argued that lawmakers cannot solve long-term federal fiscal challenges through annual spending bills alone because mandatory spending programs, including Social Security, Medicare and Medicaid, account for most federal expenditures.
Whether the proposal gains traction remains unclear. Similar commission concepts have been floated in Congress for years, but lawmakers have yet to agree on a comprehensive plan to address Social Security’s long-term financing challenges.
