WASHINGTON, July 16 -- Sen. Dick Durbin issued the following press release:
WASHINGTON - In a speech on the Senate floor today, U.S. Senate Democratic Whip Dick Durbin (D-IL) announced new bipartisan legislation to initiate Congressional action on extending Social Security's solvency. The Protecting Retirement Opportunities and Maintaining Income Security for Everyone (PROMISE) Act follows the release of the Social Security Board of Trustees' annual report, which found that the Social Security Trust Fund will only be able to cover 78 percent of benefits in 2032-meaning that Americans who rely on the program will have their benefits reduced by 22 percent if Congress does not act.
"Last month the Social Security Board of Trustees released a...