Lawmakers are exploring ways to prevent a significant reduction in Social Security benefits. A projected cut of 22% is expected to affect tens of millions of beneficiaries in six years. Senators Dick Durbin and Bill Cassidy are leading an effort to address this issue.

They have limited time left in their Senate terms, which may give them more freedom to tackle this challenging task. Further details about their proposal and other ideas being considered are available. The effort to extend Social Security's solvency is underway, but so far, none of the proposed solutions have gained much traction.