WASHINGTON—As negotiations continue on the next COVID-19 relief package, U.S. Senate Majority Leader Mitch McConnell (R-KY) today indicated on the Senate floor that Senator Mitt Romney’s TRUST Act will be included in the forthcoming framework for the CARES 2 Act. The Time to Rescue United States’ Trusts (TRUST) Act is bipartisan and bicameral legislation that creates a process to rescue the endangered federal trust funds and rein in the national debt.
The legislation is cosponsored by Senators Joe Manchin (D-WV), Todd Young (R-IN), Kyrsten Sinema (D-AZ), Shelley Moore Capito (R-WV), Doug Jones (D-AL), Lamar Alexander (R-TN), Angus King (I-ME), Rob Portman (R-OH), Mark Warner (D-VA), David Perdue (R-GA), John Cornyn (R-TX), Martha McSally (R-AZ), and Mike Rounds (R-SD). U.S. Representatives Mike Gallagher (R-WI), Ed Case (D-HI), William Timmons (R-SC), and Ben McAdams (D-UT) previously introduced companion legislation in the House of Representatives. Recently, 60 House members – evenly split between Republicans and Democrats – wrote a letter urging their leadership to include the TRUST Act in the next relief package.
SUPPORT FOR THE TRUST ACT:
Following Leader McConnell’s remarks, the following policy leaders – from across the political spectrum – expressed support:
“When today’s youngest retirees turn 73, they can expect an abrupt 23 percent cut in their Social Security benefits under current law. This is no longer about saving these programs for our grandchildren. The benefits of our grandparents are vulnerable. The TRUST Act doesn’t cut these important programs – it brings policymakers together to identify bipartisan solutions to secure the future of these programs for tens of millions of seniors and disabled workers and hundreds of millions of workers. This common-sense proposal has the backing of members of both parties in the House and Senate. We should be clear: the number one priority right now should be addressing the current economic and public health crisis. But over the longer term, the best way to secure the economy is to couple fiscal support today with long-term reforms that bring our fiscal situation under better control. The TRUST Act sets up a thoughtful process to secure our largest trust funds for current and future generations.” – Maya MacGuineas, President of the Committee for a Responsible Federal Budget
“These programs were already on the brink of collapse and in dire need of reform. But leaving them to continue on their trajectory of fiscal insolvency in this economic crisis will make it even harder for our country to recover and grow. With less revenue going into these trust funds, now is the time to make the changes to improve them so they both work better for those who truly need them and are affordable for taxpayers. The TRUST Act rightly makes these reforms a bipartisan priority.” – Tim Phillips, President of Americans for Prosperity
“Establishing a committee to address the drivers of structural deficits in the next expansion is a much more reasonable way of exercising fiscal discipline than choking off unemployment benefits in the middle of a recession. This should be an easy thing for [Democrats] to compromise on.” – Ben Ritz, Director of the Progressive Policy Institute’s Center for Funding America’s Future
“With so much funding recently distributed based on the pandemic, it’s important for Congress to assess the state of federal spending and revenues across the board. The solvency of federal trust funds is an important part of that picture, and emphasizing bipartisan solutions to expected shortfalls is a welcome first step.” – Jonathan Bydlak, Director of Fiscal and Budget Policy for R Street Institute
“Congress has long delayed facing this fiscal crisis. The TRUST Act is a bold and brave step toward solving the problem before it becomes a calamity for our nation.” – Kevin Kosar, Vice President of Research Partnerships for R Street Institute