The Congressional Budget Office (CBO) has warned that Social Security's main trust fund, which is burning through reserves faster than the government projected, could shrink by 2032. The CBO projected that the Old-Age and Survivors Insurance (OASI) trust fund will be exhausted by fiscal year 2032, a year earlier than the 2025 Social Security Trustees Report had predicted. Once the fund hits zero, the Social Security Administration cannot legally pay benefits beyond what it collects from payroll taxes and income taxes on benefits. This means automatic, across-the-board cuts for all beneficiaries. However, Congress has yet to provide a specific plan to address this looming crisis. Two new laws passed in the last year actively drained revenue from the system, including the One Big Beautiful Bill Act, which made permanent the lower income tax rates from the 2017 Tax Cuts and Jobs Act and introduced a temporary standard deduction for seniors, reduced revenue flowing into the trust fund from the income tax on Social Security benefits. The Social Security Fairness Act added another $200 billion in obligations over the next decade and pushed the program's 75-year shortfall to nearly 4 percent of taxable payroll.