Blue Dogs Back Bipartisan, Bicameral Bill to Restore, Strengthen Federal Trust Funds
WASHINGTON—Today, the fiscally-responsible Blue Dog Coalition has announced its endorsement of H.R. 4907, Time to Rescue United States’ Trusts (TRUST) Act, which would create congressional committees specifically tasked to develop legislation to restore and strengthen endangered federal trust funds. Without legislative action, the government’s trust funds—Highway, Medicare Hospital Insurance, Social Security Disability Insurance, and Social Security Old-Age and Survivors Insurance—will be exhausted in the next thirteen years.
The Co-Chairs of the Blue Dog Task Force on Fiscal Responsibility and Government Reform, Reps. Ed Case (HI-01) and Ben McAdams (UT-04), as well as Republican Reps. Mike Gallagher (WI-08) and William Timmons (SC-04), introduced the TRUST Act in the House. In the Senate, the bill was introduced by Sens. Mitt Romney (R-UT), Joe Manchin (D-WV), Todd Young (R-IN), Doug Jones (D-AL), and Kyrsten Sinema (D-AZ).
The TRUST Act has been praised by several organizations, including the following: Committee for a Responsible Federal Budget, Americans for Prosperity, Bipartisan Policy Center, Progressive Policy Institute, R Street Institute, Brookings Institution, Concord Coalition, and FreedomWorks.
“All Americans rely or will rely on critical government programs like Social Security and Medicare funded on a promise that if we support them today, they will be there to support us and our families tomorrow,” said Congressman Ed Case (HI-01), Co-Chair of the Blue Dog Task Force on Fiscal Responsibility and Government Reform. “Yet it has been clear for some time now that the trust funds on which these programs rely are headed for insolvency and the promise is at serious risk. Our TRUST Act faces this reality squarely and offers a realistic way forward to assure that we will continue to deliver on the promise for all Americans.”
“Millions of Americans depend on the benefits they’ve earned through Social Security and Medicare programs over a lifetime of hard work,” said Rep. Ben McAdams (UT-04), Co-Chair of the Blue Dog Task Force on Fiscal Responsibility and Government Reform. “We owe it to them and to future generations to carefully consider the options that will ensure we protect and strengthen these vital programs. Republicans and Democrats must engage in a serious conversation about how we keep the promises we’ve made about aging with dignity in our country. We can’t keep these promises without working together to get our fiscal house in order.”
How the TRUST Act works:
- Treasury would have 45 days upon passage of the legislation to deliver to Congress a report of the government’s major, endangered federal trust funds.
- Congressional leaders would appoint members to serve on “Rescue Committees”—one per trust fund—with the mandate to draft legislation that restores solvency and otherwise improves each trust fund program.
- Rescue Committees would ensure bipartisan consensus by requiring at least two members of each party to report legislation.
- If a Rescue Committee reports a qualifying bill for its trust fund program, it would receive expedited consideration in both chambers. While 60 votes would be required to invoke cloture for final passage in the Senate, only a simple majority would be needed for the motion to proceed, which would be privileged.