Some of the nation’s most important federal programs are financed through dedicated revenue sources and managed through trust funds, several of which the Congressional Budget Office says are headed toward insolvency that’s been made worse by the ongoing COVID-19 pandemic.
A bipartisan, bicameral bill introduced by U.S. Sen. Shelley Moore Capito (R-WV) and U.S. Rep. Dusty Johnson (R-SD) would provide a vehicle to address the key structural issues behind the national debt and allow Congress to put several major federal programs on a stronger footing.
Sen. Capito joined U.S. Sen. Joe Manchin (D-WV) on April 15 to introduce the Time to Rescue United States’ Trusts (TRUST) Act, which would create a process to rescue endangered federal trust funds and rein in the national debt.
“Without responsible action, many of our nation’s trust funds will eventually be depleted,” said Sen. Capito, who added that the measure “provides a path toward commonsense, bipartisan solutions that strengthens these programs and puts them on a solid foundation for years to come.
“Preserving these trust funds is critical to America’s future,” she said.
Rep. Johnson on April 15 cosponsored the same-named H.R. 2575 in his chamber with bill sponsor U.S. Rep. Mike Gallagher (R-WI) and four other cosponsors, including U.S. Rep. Scott Peters (D-CA).
If enacted, the bill would call for identifying the federal government’s major, endangered trust funds and for each would create a “Rescue Committee,” according to a bill summary provided by Sen. Capito’s office.
Congressional leaders would appoint 12 members to serve on each Rescue Committee — one per trust fund — with the mandate to draft legislation that extends long-term solvency and otherwise improves each trust fund program, including the Highway Trust Fund, Medicare Part A, and both Social Security trust funds (pensions and disability), according to the summary.
Committees would have a window of 180 days, although recommendations may be put forward at any point prior to that deadline if there is sufficient bipartisan support, the summary says, and if a Rescue Committee reports a qualifying bill, it would receive expedited consideration in both chambers.
The National Commission on Fiscal Responsibility and Reform, BPC Action, and The Concord Coalition support the bill.
Among the lawmakers who joined Sen. Capito in introducing her chamber’s bill were U.S. Sens. Todd Young (R-IN) and Mike Rounds (R-SD).