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February 05, 2021

King Effort to Rescue Federal Trust Funds Passes Senate in All Night Vote Session

The amendment, introduced by Senator Mitt Romney and backed by Senator King, passed by a vote of 71-29

WASHINGTON, D.C. ­– Early this morning, during the Senate’s 15-hour marathon vote session to consider amendments to the budget resolution, Senator Angus King (I-Maine) spoke on the floor of the Senate to express his support for an amendment proposed by Senator Mitt Romney (R-Utah) and cosponsored by Senator King, which allows the bipartisan Time to Rescue United States’ Trusts (TRUST) Act to be added to the budget resolution. The TRUST Act, which was introduced by Senators Romney, King, and a bipartisan group of their colleagues, would establish bipartisan “Rescue Committees” to find solutions to secure the long-term future of America’s endangered federal trust funds, including Social Security, Medicare, and the Federal Highway Trust Fund. Following Senator King’s remarks, the amendment passed by a vote of 71 – 29.

“Mr. President, this is a looming financial crisis that everyone in this room knows is happening, and it is one that we can prevent – but every day we delay, it gets harder,” said Senator King. “This is a very reasonable approach to putting a bipartisan group together to bring us solutions. I urge my colleagues to support this.”

Specifically, the TRUST Act would direct the Treasury Department to deliver Congress a report on the nation’s major, endangered federal trust funds within 45 days of the legislation’s passage. Following this report, Congressional leaders would appoint members to serve on “Rescue Committees” –each Committee charged with examining one trust fund – with the task of drafting legislation to secure the solvency and improve the long-term outlook of these programs.

The Rescue Committees would not be empowered to jam through partisan solutions, as the legislation specifically states that proposals must receive at least two votes from each party before the legislation can be reported out to the Congress. If such a proposal meets that criteria, it will receive expedited consideration in each chamber.

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