Rigell Cosponsors Bipartisan Social Security Reform Bill

Press Release

Bill slows the unsustainable growth of Social Security expenditures through beneficiary adjustments and new revenues; ensures solvency for all Americans
Washington, D.C. -- Congressman Scott Rigell (VA-02) joined Congressmen Reid Ribble (WI-08), Dan Benishek (MI-01), Jim Cooper (TN-05), Cynthia Lummis (WY-At-Large), and Todd Rokita (IN-04) in introducing the Save Our Social Security (S.O.S.) Act, a balanced and comprehensive solution to ensure Social Security remains solvent for 75 years.

"I was proud to advance a bipartisan bill with my colleagues that makes meaningful, long-term reforms to Social Security," said Congressman Rigell, who has been a strong advocate for reforming mandatory spending, a priority reflected in his "America First' legislation. "We know with certainty that there will be a sharp increase in the number of seniors enrolling in Medicare and Social Security over the next ten years. Now is the time for Republicans and Democrats to put our country first -- to honor the sacrifices made by our veterans past and present -- and to do what is best for the next generation of Americans, our children, and grandchildren. I commend Congressman Ribble for his leadership on this matter."

In 2016, Social Security will spend $15.7 billion more than it collects in revenue, according to the Social Security Administration. The S.O.S. Act slows the unsustainable growth in the costs of Social Security to close that financing gap. The savings to achieve solvency would come from about one-third revenue increases, one-third benefit adjustments, and one-third from a retirement age increase. The Chief Actuary of the Social Security Administration confirmed that the plan would close the 75-year shortfall and 90 percent of the 75th year shortfall.

Endorsements for the S.O.S. Act include the Committee for a Responsible Federal Budget, the Concord Coalition, No Labels, and the American Enterprise Institute.

You can read more about the bill here or find the full text here.

Statements of support are below:

"Rep. Reid Ribble and the co-sponsors of the Save Our Social Security Act deserve huge praise for putting forward a serious and responsible plan to strengthen Social Security. This legislation would protect America's current and future seniors by restoring the program's solvency and putting it on a fiscally sustainable path. Without action, tens of millions of Americans will face a 21 percent across-the-board benefit cut when the Social Security Trust Fund runs dry in 2034. That means that if you're 49 today, the fund will run out just as you're getting ready to retire. And if you are among today's newest retirees, you'll see your benefits slashed when you turn 80," said Maya MacGuineas, President of Committee for a Responsible Federal Budget.

"The Concord Coalition congratulates Rep. Reid Ribble and the bipartisan cosponsors of the Save Our Social Security Act for their bold reform plan to greatly improve Social Security's long-term finances through a sensible mix of phased-in spending cuts and dedicated revenue increases. This bill is distinguished by courageous common sense and the recognition that any Social Security reform will require political compromise. Unlike many in Washington, the co-sponsors of this legislation have taken seriously the warnings from the Social Security trustees that the system is not on a sustainable course," said Robert L. Bixby, Executive Director of the Concord Coalition.

"Rep. Ribble has offered a serious plan to deal with one of America's most serious challenges: protecting Social Security for generations to come. This is a goal shared by No Labels and Rep. Ribble should be commended for tackling this tough issue head on with a framework that is balanced, credible and deserving of serious discussion within Congress," said Margaret Kimbrell, Executive Director of No Labels.

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