A bipartisan, bicameral bill has been introduced that would establish congressional committees tasked with advancing legislation to rescue federal trust funds headed toward insolvency.

The Time to Rescue United States' Trusts, or Trust Act, would create three separate bipartisan committees for Social Security, Medicare, and the Highway Trust Fund.

"It's irresponsible for Congress to keep ignoring a preventable crisis," said Senator Mitt Romney, R-UT, in a statement.

"We must put in place a responsible process now to prevent dramatic cuts to programs like Social Security and Medicare or be forced to enact massive tax hikes down the road, both of which would be devastating to middle class Americans. We have a duty to work to secure these programs that provide a safety net for millions of Americans," added Romney.

Senators Joe Manchin, D-WV, Todd Young, R-IN, Doug Jones, D-AL, and Krysten Sinema, D-AZ, are co-sponsors of the Senate bill. Representatives Mike Gallagher, R-WI, Ed Case, D-HI, William Timmons, R-SC, and Ben McAdams, D-UT, are cosponsors in the House.

Upon enactment of the bill, the Treasury Department would have 30 days to report to Congress on the trust funds.

Congressional leadership would appoint members to Rescue Committees. Two members of each party would be responsible for reporting legislation. Qualifying bills would be expedited in both chambers of Congress. In the Senate, only a simple majority would be needed for a motion to proceed, but 60 votes would ultimately be required for passage.

The Social Security Administration projects the program's two trust funds will be exhausted by 2035, at which time across-the-board cuts to scheduled benefits of more than 20 percent would be required. The Congressional Budget Office says the program will be insolvent by 2032.

"These programs were all created on a bipartisan basis, and our leaders must come together on a bipartisan basis to save them, said Maya MacGuineas, president of the Committee for a Responsible Federal Budget, a non-partisan think tank that advocates for fiscal responsibility.

The last time Social Security was reformed in 1983, the so-called Greenspan Commission, named after former Federal Reserve chairman Alan Greenspan, reported reform proposals to Congress. The 15-member commission was comprised of lawmakers and members of the private sector.

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New commission to reform Social Security proposed in bipartisan bill

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