October 21, 2020

Social Security Checks May Stop Because of Budget Stalemate

“A storm is brewing in the nation’s capital. President Obama insists that the national debt ceiling of the United States must be raised from the $14.3-trillion limit that is currently held. A failure to raise the limit that the US is currently allowed to borrow, may result in millions of people failing to receive their Social Security checks, veteran’s checks, and disability checks this coming August.

In an interview set to air Tuesday on the CBS Evening News with Scott Pelley, President Obama explains that if an agreement is not reached by August, the checks may not be sent out by the government because there will not be enough funds to secure the 70 million checks that are normally sent out each month. If the debt ceiling is not raised, it may also have a dire effect on consumer confidence and the economy as a whole. Interest rates may climb higher for the already cash-strapped Americans who are struggling to make ends meet.

The GOP does not want the debt ceiling raised because Democrats want to raise money by increasing taxes. The two opposing parties are having a very hard time agreeing on what to do about this situation, which is being referred to as a “”Sophie’s Choice.”" “”Sophie’s Choice,”" is a novel by William Styron that concerns a young Jewish mother in a German concentration camp who has to choose which of her children should live or die.

On Tuesday, Democrats and Republicans will meet to have another round of negotiations to see if they can resolve this issue and come up with some sort of an agreement that will keep the nation moving in the right direction. Both sides will have to reach a balanced agreement that will include both spending cuts and an increase of revenue through taxes. A balance between the two seems to be the only way that both sides will come to terms with the current debt crisis to work together to tackle the issue by August. If they don’t, millions of Americans will suffer because they will have no money to make ends meet.”

CNN

Obama: Debt-limit impasse could halt Social Security Checks

Obama says he cannot guarantee Social Security checks will go out on August 3

Speak Your Mind