Recieving Social Security Checks may be delayed in August

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Babyblue

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Obama: Social Security Checks 'Not Guaranteed' - Money News Story - WJXT Jacksonville
NEW YORK (CNNMoney) -- President Obama issued a broadside Tuesday in the debt ceiling debate, saying in a high-profile interview that he cannot ensure government benefits -- including Social Security -- will be paid if Congress fails to act.
"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 told CBS News.
This is not the first time the administration has warned that Social Security benefits are on the line. But it is the first time Obama has addressed the issue so pointedly.
Treasury Secretary Tim Geithner warned Congress as early as Jan. 6 that benefit checks might not be paid in full and on time.
In another letter in May, Geithner reiterated the point: "A broad range of government payments would have to be stopped, limited or delayed, including military salaries, Social Security and Medicare payments, interest on debt, unemployment benefits and tax refunds."
Geithner has said that by Aug. 2 he will no longer have enough money on hand every day to pay all the government's bills.
The government reached the legal borrowing limit on May 16 and has been taking "extraordinary measures" since to keep the country out of default.
On Aug. 3, the federal government will be forced to start prioritizing payments. And that just happens to be a day when a big set of Social Security checks are scheduled to be mailed out.
The Treasury also has to ensure it has enough cash on hand to make a $29 billion interest payment to investors on Aug. 15.
Consequently, the government would have to defer 44% of federal spending, a significant portion of the 80 million payments it makes every month, according to a study conducted by the Bipartisan Policy Center, a think tank in Washington founded by four former Democratic and Republican Senate majority leaders.
Because the government will still receive some tax revenue, some bills can be paid. But not everything. And the longer Congress delays, the more Treasury will be stretched.
"Handling all payments for important and popular programs (e.g., Social Security, Medicare, Medicaid, defense, active duty pay) will quickly become impossible," the report's authors noted.
It's impossible to say just how the government would prioritize payments. It's fair to assume, however, that picking who gets paid and who gets put off will be a mess technically and socially because it's never been done before.
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Great, I double posted a thread. It did not show up the first time I posted it. So I reposted it. Sorry.. Mods please remove one of them. Thanks
 
Now, there's a scare tactic!
 
Not a scare tactic when it is the truth.
 
jillio said:
Not a scare tactic when it is the truth.
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Yup, that's not tactic and put our country into default is very bad.

The debt ceiling needs to be increased without any questions, even if spending cut or tax increase aren't clear in congres so need to be simply increase for now.

Reba, you could lose or delay the military benefits, along with other welfare, including SS, SSI, SSDI, etc. That's not joke at all.
 
truly, people who keep saying no increased taxes back to Clinton's tax rate when our deficit is soaring is just incredibly stupid.
 
netrox said:
truly, people who keep saying no increased taxes back to Clinton's tax rate when our deficit is soaring is just incredibly stupid.
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Especially the ones that are proposing no change to the highest income brackets.
 
Don't those people understand that 1/3 of the deficits is due to tax cuts that Bush enacted?
 
netrox said:
Don't those people understand that 1/3 of the deficits is due to tax cuts that Bush enacted?
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Of course they don't. They have their fingers in their ears and a blindfold on, and are singing, "La,la, la, I can't hear you!"
 
Foxrac said:
Yup, that's not tactic and put our country into default is very bad.

The debt ceiling needs to be increased without any questions, even if spending cut or tax increase aren't clear in congres so need to be simply increase for now.
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Without any questions? You trust Congress that much?

Reba, you could lose or delay the military benefits, along with other welfare, including SS, SSI, SSDI, etc. That's not joke at all.
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I didn't say it was a joke.

Apparently budget and debt concerns are scare tactics only when they come from Republicans.
 
cbpp_deficit_factors_2011.jpg


As it turns out, Republican majorities voted to raise the U.S. debt ceiling seven times while George W. Bush sat in the Oval Office. (It should be noted, as Ezra Klein did, that party-line votes on debt ceiling increases tied to other legislation is not solely the province of the GOP.) As ThinkProgress pointed out, during the Bush presidency, the current GOP leadership team voted 19 times to increase debt limit. During his tenure, the U.S. national debt doubled, fueled by the Bush tax cuts of 2001 and 2003, the Medicare prescription drug plan and the unfunded wars in Iraq and Afghanistan. And Mitch McConnell and John Boehner voted for all of it and the debt which ensued because, as Orrin Hatch later explained: "It was standard practice not to pay for things."

10 Inconvenient Truths About the Debt Ceiling | Crooks and Liars

GOP is a crook and a liar.
 
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See the rabbit Obama pulls out of the hat. Run, rabbit, run. Everyone goes apeshit. :giggle:
 
Wirelessly posted (sent from a smartphone. )

If that's the case, there would be a lot of delayed bills including rent.
 
Reba said:
Without any questions? You trust Congress that much?


I didn't say it was a joke.

Apparently budget and debt concerns are scare tactics only when they come from Republicans.
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The debt ceiling had been increased for many years without spending cut or tax increase so current debt ceiling must be increased or completely remove the ceiling.

I do trust the congress when they are more progressive, even most democrats are progressive since most republicans are not. The politicians need smart enough when come with country debt sooner than being late.
 
sequoias said:
Wirelessly posted (sent from a smartphone. )

If that's the case, there would be a lot of delayed bills including rent.
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Yup and credit card payment too, it has serious consequence if payment isn't paid on time, especially skyrocketing of interest rate.
 
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