A bill aimed at extending the solvency of the Social Security program has been proposed by Sens. Bernie Sanders (I-VT) and Elizabeth Warren (D-MA) as well as Reps. Jan Schakowsky (D-IL) and Val Hoyle (D-OR). Meanwhile, two other senators are working on separate legislation meant to protect the Social Security program.

The Social Security Expansion Act of 2023 supported by the aforementioned, named lawmakers has the backing of eight other senators and 25 other co-sponsors in the House, all Democrats. The act also is supported by 50 major organizations, according to Sanders.

“At a time when nearly half of older Americans have no retirement savings and almost 50% of our nation’s seniors are trying to survive on an income of less than $25,000 a year, our job is not to cut Social Security,” Sanders said in a statement. “Our job is to expand Social Security so that every senior in America can retire with the dignity that they deserve and every person with a disability can live with the security they need.”

The act would expand Social Security benefits by $2,400 a year and ensure that the program is funded for the next 70 years or so. The plan would require raising taxes only on American households that make $250,000 or more per year, according to an analysis of the legislation conducted by the Social Security Administration at Sanders’ request.

Meanwhile, Sens. Bill Cassidy (R-LA) and Angus King (I-ME) are working on a bipartisan plan of their own meant to protect the Social Security program. The duo said they will release their proposal “for discussion and debate” once it is fine-tuned.  

“The Social Security fund will be insolvent in less than a decade. If Congress chooses to do nothing, current law requires painful 24% cuts to benefits and a daunting future for fulfilling our promises,” Cassidy and King said Friday in a joint statement.

“There are dozens of considerations being weighed to protect Social Security, including locking early retirement at 62, an ironclad protection for lower-wage workers and seeking avenues to increase benefits immediately. Under what we are discussing, millions would immediately receive more, and no one would receive less,” they added.