Social Security Checks Could Be Delayed Without Debt-Ceiling Deal
President Obama's stark warning that Social Security payments may not go out next month is a choice the administration has to make, but entitlement benefits could be withheld if the cash flow dries up over an impasse in Washington on raising the debt ceiling.
Obama issued the warning on Tuesday when he said Social Security payments and veterans' checks, among other payments, could be at risk if negotiators don't reach a deal to raise the debt limit above $14.3 trillion by Aug. 2. That's when the Treasury Department says the government will stop being able to borrow money.
"I cannot guarantee that those checks go out on August 3rd if we haven't resolved this issue, because there may simply not be the money in the coffers to do it," Obama said in an interview with CBS News.
Source: Fox News
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JG: Barack Obama represents the interests of the ruling capitalist elites. His declaration is no surprise. We know who he represents, and it is not the average working-class Joe Six-Pack.
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