Young Joins Romney in Introducing Bipartisan TRUST Act

Press Release

Today, U.S. Senator Todd Young (R-Ind.) joined U.S. Senator Mitt Romney (R-Utah) and a bipartisan group of colleagues in introducing the Time to Rescue United States' Trusts (TRUST) Act, bipartisan and bicameral legislation which would create a process to rescue the endangered federal trust funds and rein in the national debt.

Some of the nation's most important federal programs are financed through dedicated revenue sources and managed through trust funds. A number of the largest trust funds are heading towards insolvency--made worse by the COVID-19 pandemic. In September 2020, the Congressional Budget Office (CBO) found that four of the major trust funds will exhaust their reserves within the next 11 years. The bipartisan, bicameral TRUST Act would provide a vehicle to address the key structural issues behind the debt and allow Congress to put our major federal programs on a stronger footing.

"We need to act now to save programs like Social Security and Medicare. If we don't, these programs will go bankrupt and America's safety net will disappear," said Senator Young. "With the TRUST Act, we can set in motion a bipartisan national plan to finally begin tackling the long-term drivers of our national debt."

"There is broad recognition that we need to address the looming insolvency of our federal trust funds," said Senator Romney. "Getting our country through the COVID-19 pandemic has required us to borrow trillions of dollars, which has in turn threatened essential programs like Medicare and Social Security. Congress must respond in a way which will address this long-term problem, which is coming down the pike much sooner than was expected. Our TRUST Act is a bipartisan solution which will shore up our federal trust funds and put us on a path toward a stronger fiscal future."

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