5 publishers · first seen Thu, 29 Oct 2026 22:00 UTC · updated Fri, 30 Oct 2026 18:25 UTC
The latest Social Security trustees report projects that the program’s main trust fund will be depleted by late 2032, after which beneficiaries could see cuts of more than 20 percent. The report, released in June 2026, has heightened pressure on Congress ahead of the 2026 midterm elections, where candidates will be asked to address the funding shortfall.
In the Senate races, Republican Sen. Susan Collins and Democratic challenger Troy Jackson in Maine, as well as other candidates, have discussed eliminating or raising the payroll tax income cap of $184,500 as a possible reform. Both candidates say they will work to keep benefits intact while seeking bipartisan solutions before the trust fund deadline.
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