WASHINGTON—Support grew this week for the TRUST Act, bipartisan and bicameral legislation introduced by Senator Mitt Romney (R-UT) which would create committees specifically tasked to develop legislation to rescue endangered federal trust funds.
“This is an effort which has been undertaken in the past unsuccessfully, and a lot of people say it can’t be done now. But it’s got to be done now because if it’s not done now, the burden that will fall on our seniors eventually will become extraordinary. And the burden that will fall on the next generation as they don’t know whether their Social Security and Medicare can be depended upon is unthinkable,” Senator Romney said yesterday in a speech on the Senate floor. “I hope we get great support of people who are willing to sponsor this effort, to be a part of these rescue committees, to go to work to resolve the impending challenges that we have in these trust funds, and in our overall financial status.”
“Some of the federal government’s most important trust fund programs are headed toward insolvency. The TRUST Act offers renewed hope that we can address these imbalances before it is too late. Senators Romney and Manchin deserve great praise for taking on a challenge that far too many ignore, by proposing to establish a process to achieve bipartisan solutions. The commissions established under the TRUST Act would be charged with securing programs like Social Security, Medicare, and the highway fund so that they are stronger, more effective, and continue to be there for current and future generations. The bill wouldn’t force policymakers to agree, but it would force them to try to work together. That goal should have unanimous support.” –Maya MacGuineas, President, Committee for a Responsible Federal Budget
“The first step in any recovery is to admit there is a problem. The TRUST Act represents a good faith effort to start a long overdue conversation about how we secure America’s future for families, retirees and generations to come, as many of the programs Americans have come to rely on lurch toward financial insolvency. Tackling these problems will require political courage from leaders of all stripes. We’re hopeful that the TRUST Act will help refocus both parties on the gravity of this looming crisis and the need for solutions. Americans for Prosperity, and it’s network of activists across the country, look forward to being a part of this important conversation in the coming months.” –Russ Latino, Vice President of Economic Opportunity, Americans for Prosperity
“Our debt and deficit challenges have been ignored by our national leaders for far too long. It’s good to see that some members of Congress still care about our country’s fiscal future.” –Bipartisan Policy Center Action
“The budget debate in Washington has hit an all-time low since President Trump took office, with Congressional Republicans passing a $2 trillion deficit-financed tax cut and some on the far left proposing tens of trillions of dollars in new spending without a plan to pay for it. The TRUST Act bucks this harmful trend and starts an important conversation about what tax increases and spending cuts will be needed to secure the future of Social Security and Medicare, as well as fund critical public investments in our nation’s ageing infrastructure. Congress must strengthen these and other important programs for Americans of all ages.” –Ben Ritz, Director of the Progressive Policy Institute’s Center for Funding America’s Future
“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 R. Kosar, Ph.D., Vice-President of Policy for R Street Institute
“The journey of a thousand miles begins with a single step. Addressing long-term federal budget shortfalls is going to take many bold actions by our political leaders and the problem is so big that it often seems unclear where even to start. Senators Romney, Manchin, Young, Jones, and Sinema, and Representatives Gallagher, Case, Timmons and McAdams have shown how Congress can take that first step and take it a long way in the right direction. Addressing the federal trust funds in a bipartisan manner is a promising way to make a down payment on long-term fiscal reform. ” –Bill Gale, Senior Fellow at the Brookings Institution
“This proposal could prompt bipartisan action on key trust fund depletion dates that threaten indiscriminate across-the-board cuts to vital programs within the next 15 years. It is, in effect, a responsible call to repeal and replace the irresponsible Do Nothing Plan.” –Robert L. Bixby, Executive Director of The Concord Coalition
“Congress cannot continue kicking the can down the road. America’s fiscal situation is unsustainable, and it is time to begin treating it with the seriousness it deserves. The TRUST Act is not a silver bullet, but it does take a necessary first step toward addressing the looming fiscal crisis that taxpayers face.” –Jason Pye, Vice President of Legislative Affairs for FreedomWorks