It appears as if the people who receive a benefit check such as Social Security or Veterans may not get them next month if a deal on the debt is not reached. This is the warning that came from President Obama on Tuesday. If the lawmakers cannot reach an agreement on a way to reduce the federal
debt there may be millions of people in the United States that will not receive their check. This is the very same check that they depend on to pay their rent, pay their utilities, buy food, and medicine. The reason that President Obama is giving is that there may not be enough money to do so.
There is approximately twenty billion dollars for Social Security checks alone that is set to go out in the mail on August 3rd, which is one day after the Treasury Department states that the United States will start to default on the financial obligation unless they raise the debt ceiling. All total, there are over seventy million checks that are set to be mailed.
The Republicans and Democrats are bickering over rays to pay down the deficit and raise the debt ceiling. In addition, millions more people could be out of work if the Republicans do not compromise on a debt deal. The president has stated that he will veto any type of stop-gap, short-term measure to continue the debate. He wants a large scale agreement to be reached that will tackle the deficit reduction and debt ceiling until after the election in 2012.
As it stands now, it is a do or die situation for all those people who depend on these checks for their lively hood.