How to avoid a Social Security cut? Lawmakers are floating ideas for what to do

Senator Dick Durbin and Senator Bill Cassidy are working together to prevent a projected 22% cut in Social Security benefits for millions of beneficiaries. The senators are proposing a process to create legislation that would keep the Social Security trust fund solvent for at least 50 years. The bill would be introduced by the majority leaders of the Senate and House, and would require a three-fifths vote in the Senate and a simple majority in the House to pass.

However, the bill has faced opposition from AARP, who argue that it amounts to "fast-tracking" of Social Security changes with limited amendments allowed. Cassidy has also proposed creating a $1.5 trillion investment fund, funded by borrowing from the Treasury, that would be invested in higher-risk assets to help cover Social Security payments.

However, the Committee for a Responsible Federal Budget has warned that this is a "dangerous, debt-funded gamble" with significant risks.