SOS Act

The SOS Act (Save Our Seniors Act) would amend the Congressional Budget and Impoundment Control Act of 1974 to add a new reporting requirement for the Congressional Budget Office (CBO). Specifically, when the CBO prepares its annual report on the Old-Age and Survivors Insurance (OASI) and Disability Insurance (DI) Trust Funds, the report must include a graph-based comparison between two figures: (A) the amount assumed under section 257(b)(1) of the Balanced Budget and Emergency Deficit Control Act of 1985, and (B) outlays from payments of the OASI and DI Trust Funds based on the assumption that payments would be funded from dedicated funding sources as under current law. In short, the bill requires a visual side-by-side comparison of BBEDCA sequestration/deficit-control assumptions versus current-law dedicated funding assumptions for these Social Security trust funds. The bill labels this as the “Save Our Seniors Act” or “SOS Act” and sets out this new reporting requirement as part of the budget process. It does not itself change benefit levels or funding, but it increases transparency about how different funding assumptions would affect Social Security trust fund outlays.