Failure to raise the debt ceiling, which now sits at $31 trillion, could put Social Security benefits at high risk.
If President Joe Biden and House Speaker Kevin McCarthy (R‑CA) fail to reach a deal by June 1, all payments administered by the federal government could be stalled, among other consequences of a debt ceiling standoff.
If we defaulted on our debt, the middle class would hurt.8 million jobs lost.Social Security and Medicare payments could be halted or delayed.Retirement accounts would be hit.Costs would go up.It’s time to end the gamesmanship and get to work. America pays its bills.— President Biden (@POTUS) May 10, 2023
BIDEN AND REPUBLICANS BLAME EACH OTHER FOR DEFAULT THEY INSIST WON’T HAPPEN
The earliest round of Social Security benefits for retirees over 88 is slated for the first week of June. Supplemental Security Income, for those with disabilities and senior citizens 65 and up or elders who have less than $2,000 in assets, is scheduled to go out at the same time.
Social Security benefits make up around 30% of seniors’ income, according to the Social Security Ad …