From
CNBC:
Sen. Mitt Romney, R-Utah, is taking the lead on a new proposal aimed at
fixing funding shortfalls for Social Security, Medicare and the nation’s
crumbling highways. ...
Romney, together with a group of senators from both sides of the aisle, introduced a bill this week to look at government trust funds that are expected to be depleted in the next 13 years.
The affected trusts are the Social Security Old-Age and Survivors
Insurance, Social Security Disability Insurance, Medicare Hospital
Insurance and Highway Trust Fund. ...
The Romney-led proposal, called the Time to Rescue United States’
Trusts, or TRUST, Act, would create congressional committees to evaluate
how to bolster solvency or make other changes to improve the programs.
It is supported by Sens. Doug Jones, D-Ala.; Joe Manchin, D-W.Va.; Kyrsten Sinema, D-Ariz.; and Todd Young, R-Ind.
Companion
legislation has also been introduced in the House by Reps. Ed Case,
D-Hawaii; Mike Gallagher, R-Wis.; Ben McAdams, D-Utah; and William
Timmons, R-S.C. ...
Once the TRUST Act is passed, Treasury would have 30 days to deliver a report to Congress on the status of the funds.
Congressional
leaders would form a rescue committee for each trust fund. Those
committees would be tasked with coming up with legislation to repair
those funds’ solvency and identify other improvements the programs may
need.
At least two members of each party would be required to work on the legislation.
The
proposal also says that any qualifying bills that emerge from the
process get expedited consideration in both the House and Senate. ...
This bill, of course, is going nowhere in this Congress. Even if passed, it solves nothing. It would merely provide a process by which the problem could be solved if there was some consensus, which there isn't. If this bill has a meaning, it's that it's a sign that there are at least three Senate Democrats, Jones, Manchin and Sinema, who aren't interested in the Social Security 2100 Act pending in the House of Representatives that would solve Social Security's long term financial problems with tax increases. It's hard to imagine Social Security 2100 passing in the Senate even after the 2020 election without those Senate Democrats on board. Romney's bill makes it look like you're doing something even when you're furiously backpedaling away from doing anything.