0
Protecting Social Security Act
3/5/2025, 5:08 AM
Summary of Bill HR 963
If either of these trust funds were to become insolvent, this bill would require Congress to expedite the consideration of a bill that specifically addresses the insolvency issue. This means that lawmakers would need to prioritize and fast-track the legislative process in order to find a solution to ensure the financial stability of these important social security programs.
The purpose of this bill is to prevent any delays or gridlock in Congress that could potentially worsen the financial situation of these trust funds. By mandating expedited consideration, lawmakers would be compelled to act swiftly and decisively in order to protect the benefits of retirees and individuals with disabilities who rely on these funds for financial support. Overall, Bill 119 hr 963 seeks to ensure that the insolvency of the Federal Old-Age and Survivors Insurance Trust Fund or the Federal Disability Insurance Trust Fund is addressed promptly and effectively in order to safeguard the future of these vital social security programs.
Congressional Summary of HR 963
Protecting Social Security Act
This bill provides funds for Social Security benefits payments in the event of the insolvency of one or both of the Social Security trust funds, and provides for the expedited consideration of legislation to address such insolvency in Congress.
Specifically, for any period in which the balance of the Federal Old-Age and Survivors Insurance Trust Fund or the Federal Disability Insurance Trust Fund is insufficient to cover monthly payments to beneficiaries, the bill provides funding in the amount necessary to make such payments.
Further, the bill requires the Social Security Administration (SSA) to notify Congress of the insolvency of either trust fund, and makes certain legislation to address the insolvency eligible for expedited consideration upon such a notification. The bill sets forth certain requirements for eligible legislation, including that it must ensure that individuals entitled to Social Security or disability benefits continue to receive payments in full. The bill also sets out procedures for the consideration of eligible legislation in each chamber of Congress, including through specified time limits for committee consideration and a prohibition on amendments.
Finally, the bill requires SSA to maintain a field office in every U.S. county with a population of more than 150,000.
