Congress must raise the debt ceiling in the next two months in order to avoid the country being found incapable of paying its bills. Spending cuts are being suggested, and Social Security is on the chopping block. Some analysts say that, if Congress does not raise the debt ceiling, monthly Social Security checks could be jeopardized.
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That’s the federal debt ceiling that Congress must raise in the next four to eight weeks, or have the U.S. fail to pay its bills. Some in Congress demand spending cuts that equal any increase in the debt ceiling; some seem willing to risk default.
Programs on the block include Medicare, Medicaid, and Social Security. For Social Security, two dangers surface.
The first danger is short-term, affecting current retirees. If Congress fails to raise the debt ceiling, some experts say all federal outlays — including monthly Social Security checks — are jeopardized. At press time the Administration is warning that without spending authority, Social Security and veterans’ payments could be delayed until tax revenue trickles in, or simply be slashed.
For some, a delay or reduction would be an inconvenience. For millions of others who rely on Social Security for most or all of their income, it would be immediate disaster. There would be no money for rent, heat, or food. Continue reading…