President Barack Obama warned that Social Security checks and payments to veterans might be at risk if a deal is not made on the debt ceiling.
“I cannot guarantee that those checks go out on Aug. 3 if we haven’t resolved this issue, because there may simply not be the money in the coffers to do it,” he told CBS News.
Treasury Secretary Timothy Geithner has warned that the United States might default on its obligations if the debt ceiling is not raised by Aug. 2
Fox News reports that while the government is obligated to make Social Security payments, a report from the Congressional Research Service found that they could be delayed if the Treasury Department deems it necessary.
Speaker of the House John Boehner (R-Ohio) said that he was doubtful that the payments would be stopped.
“The Treasury secretary is going to have options in terms of who should be paid and who shouldn’t,” he told Fox News. “Yes, there are some debts that have to be rolled over. But there’s going to be money available on Aug. 3, and I think it’s way too early to be making some types of veiled threats like that.”