Congress passes Social Security Fairness Act to restore full benefits for retirees

Congress has passed the Social Security Fairness Act, which restores full benefits for about 3 million retirees who receive government pensions. The Senate approved the bill with a 76 to 20 vote, following a similar margin in the House. Previously, these retirees faced reduced Social Security benefits due to a cost-saving reform from the Reagan era. The new legislation aims to eliminate this reduction, but it will significantly increase costs for the Social Security system. Experts warn that this change could lead to Social Security insolvency occurring about six months sooner than expected, potentially requiring future cuts to benefits or increased revenue.