(DC BUREAU) -- Lawmakers on Capitol Hill are weighing their options for the future of Social Security as the program faces insolvency. According to the Congressional Budget Office, the trust fund that pays benefits to retired Americans could run out of money by 2032. "CBO projects that in fiscal year 2032, six years from now, the balance of the OASI trust fund will be exhausted," Molly Dahl, the CBO's chief of long-term analysis, testified at a Senate Budget Committee hearing Wednesday. Since taxes on wages are not keeping up with the cost of the program, benefits would be reduced if lawmakers do not take action. "At that time, continuing tax revenues are estimated to support only about 75% of scheduled benefits," explained Barry Huston, a specialist in social policy for the Congressional Research Service. "The more we wait, the harder it gets," said Sen. Bill Cassidy (R-Louisiana). Cassidy has proposed a new diversified investment fund to raise the revenue needed. Under his proposal, the federal government would invest $1.5 trillion to help bring in more funding, he explained. "If you work for a corporation and they are planning to pay you benefits in the future, they have a pension investment fund that does this in the exact same way," Cassidy explained. "What I like about the Cassidy proposal is that it's an ingredient that you add to an existing system," said Sen. Tim Kaine (D-Virginia). But Sen. Ron Johnson (R-Wisconsin) sounded skeptical of the approach. "My concern about the Cassidy proposal is he wants to borrow $1.5 trillion," Johnson said. Sen. Sheldon Whitehouse (D-Rhode Island) has introduced a bill to require taxpayers earning more than $400,000 per year to continue paying taxes into the Social Security program. There is currently a tax cap at about $185,000 of income, according to Karen Glenn, chief actuary for the Social Security Administration. Any wages earned above that amount are exempt from Social Security taxes. "We also get to end unfair tax dodges that let those at the top play by a different set of rules," Sen. Whitehouse said. Sen. Bernie Moreno (R-Ohio) argued the cap should be eliminated entirely. "That would solve about 60% of the shortfall," Glenn told Moreno when asked about the cap. "So I think that's something that we should do," Moreno replied. The program's disability insurance trust fund is projected to remain solvent for more than 30 years, Dahl said.