Tumblr Icon RSS Icon

Obama: ‘I Cannot Guarantee’ Social Security Checks Will Go Out Aug. 3

By Marie Diamond  

"Obama: ‘I Cannot Guarantee’ Social Security Checks Will Go Out Aug. 3"

Share:

google plus icon

In a stark reminder of the catastrophic consequences of not raising the debt ceiling by Aug. 2, President Obama said he cannot guarantee that retirees will receive their Social Security checks on Aug. 3 if Republicans and Democrats fail to reach a compromise. In an interview with CBS, Obama said, “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.” The White House and congressional Republicans are currently locked in a stalemate over the GOP’s refusal to raise revenue.

Update

As ThinkProgress reported, the Bipartisan Policy Center has said Social Security checks would almost certainly not go out in August if the two sides fail to reach a deal. Their analysis “determined that the government likely would not have enough revenue to pay the full $23 billion payment to Social Security recipients due on Aug. 3.”

‹ Morning Briefing: July 12, 2011

O’Reilly Goes After Bachmann For Intransigence On Debt Ceiling, Mocks Her ‘Titanium Spine’ ›

By clicking and submitting a comment I acknowledge the ThinkProgress Privacy Policy and agree to the ThinkProgress Terms of Use. I understand that my comments are also being governed by Facebook, Yahoo, AOL, or Hotmail’s Terms of Use and Privacy Policies as applicable, which can be found here.