The Social Security Fairness Act, aimed at repealing limitations on Social Security benefits for 3 million Americans, has passed the Senate with bipartisan support. The bill, however, faces concerns over its cost and impact on the Social Security trust fund.
The Social Security Fairness Act passed the Senate last week with no amendments. A total of 49 Democrats and 27 Republicans voted in favor of the bill, while 20 Republicans voted against it. The act, when signed into law by the president, will repeal limitations on receiving Social Security benefits for around 3 million Americans.
Under current rules, two provisions—the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO)—reduce the retirement benefits awarded to some public servants. The bill had widespread bipartisan support in the House and in the Senate, passing in the former by a vote of 327 to 75 in November. Senators John Barrasso (R-WY), Katie Britt (R-AL), Ted Budd (R-NC), Mike Crapo (R-ID), Ted Cruz (R-TX), Steve Daines (R-MT), Joni Ernst (R-IA), Chuck Grassley (R-IA), Ron Johnson (R-WI), Mike Lee (R-UT), Cynthia Lummis (R-WY), Mitch McConnell (R-KY), Rand Paul (R-KY), Mitt Romney (R-UT), Mike Rounds (R-SD), John Thune (R-SD), Thom Tillis (R-NC), Tommy Tuberville (R-AL), Roger Wicker (R-MS), and Todd Young (R-IN) voted against the Social Security Fairness Act. Senators Marco Rubio (R-FL), JD Vance (R-OH), Joe Manchin (I-WV) and Adam Schiff (D-CA) did not vote. The legislation comes with a hefty price tag at a time when there are growing concerns over the solvency of the Social Security Administration's (SSA) trust funds. According to the Congressional Budget Office, the bill will cost around $190 billion over the next decade and means the Social Security trust fund will 'be exhausted roughly half a year earlier than it would be under current law.' Kentucky Senator Rand Paul introduced an amendment to the bill that would've seen the Full Retirement Age gradually raised from 67 to 70 over 12 years to offset the increased cost. It failed, only receiving votes from himself and two fellow Republican Senators: Wyoming's Lummis and Mike Lee of Utah
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