Obama: Debt dispute threatens Social Security
President Obama said today he can't guarantee that Social Security checks will go out after Aug. 2, unless Congress agrees to increase the $14.3 trillion debt ceiling.
"This is not just a matter of Social Security checks," Obama also told CBS News. "These are veterans' checks; these are folks on disability and their checks. There are about 70 million checks that go out."
When CBS anchor Scott Pelley followed up by asking, "can you guarantee as President those checks will go out on August the 3rd?," 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 interview airs tonight on the CBS Evening News.
Aug, 2 is the date on which the Treasury Department says it can no longer borrow money to pay the nation's bills; that could lead to a default and an inability to mail out government checks.
Obama spoke about Social Security just hours before another meeting with Republican and Democratic congressional leaders on raising the debt ceiling -- and just minutes after GOP leaders blasted him for offering a proposal that is more specific about tax increases than budget cuts.
"In my view the president has presented us with three choices," said Senate Minority Leader Mitch McConnell, R-Ky., referring to efforts to raise the $14.3 trillion debt ceiling. "Smoke and mirrors, tax hikes, or default."
"Republicans choose none of the above," McConnell said. "I had hoped to do good; but I refuse to do harm."
Republicans, including those who run the U.S. House, say they won't vote for a debt ceiling without offsetting budget cuts.
Obama and the Democrats say any debt reduction plan must be "balanced," including new revenues from the elimination of unfair tax breaks.
Asked about Obama's Social Security comments, White House spokesman Jay Carney said the administration remains confident the debt ceiling will be raised by Aug. 2.
"So this is speculative," Carney said.
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