A new group of senators from both parties will vote on how to save Social Security. Here’s what they’ve said about it

Detailed summary

From taxing higher earners to changing the retirement age, incoming lawmakers have offered different approaches to the funding gap.

Democrats rode a blue wave of Senate pickups on Tuesday, flipping seven seats in red states and winning control of the chamber, while Republicans will also see some fresh faces. Together, the 17 newcomers from both parties will join the next Congress in taking on one of Washington’s most-dodged problems: how to keep Social Security paying full benefits.

The program’s trust fund is projected to run dry in late 2032. After that, payroll tax revenue would cover only about 78% of scheduled benefits—forcing an automatic cut of roughly 22% unless Congress acts.

Senators elected to full terms this week serve until January 2033, so the deadline falls on their watch. And because Social Security can’t be changed through budget reconciliation, a fix will likely need 60 votes and support from both parties.

Nearly all the newcomers addressed Social Security during their campaigns.

Opening of the article, excerpted from Fortune. To read the rest, open the article on the publisher's site.