2 August 2023
Efforts to prevent Social Security insolvency have stalled, likely to resume post-2024 elections, according to Sen. Bill Cassidy. Bipartisan talks led by Cassidy and Sen. Angus King, exploring solutions like adjusting retirement age, failed to produce a plan. Without action, Social Security will only be able to pay out 100% of benefits until 2034, after which there may be a 23% cut in benefits.