Social Security Checks in 2023 May Run Out If Congress Does Not Raise Debt Ceiling

Treasury Secretary Janet Yellen warns that if the U.S. Congress does not raise the debt ceiling, the country could default on its own loans. Furthermore, the beneficiaries of the Social Security checks in 2023 may be the first to experience the impact.

On May 26, Treasury Secretary Janet Yellen warned Speaker of the House Kevin McCarthy that the U.S. federal government will most likely run out of funds by June 5. This means that McCarthy must reach an agreement with U.S. President Joe Biden and the Congress must sign it into law before the deadline.

Otherwise, according to Luhby, the U.S. may default on its own loans in a few days. Consequently, the beneficiaries who will receive the Social Security checks in 2023 may be the first to experience the negative impact.

READ ALSO: Social Security Checks In 2023 May Be Discontinued If Debt Ceiling Not Resolved, Experts Warn

Social Security Checks in 2023

According to Sheffey, apart from the Social Security Checks in 2023, the Supplemental Security Income (SSI), Medicare, Medicaid, and Supplemental Nutrition Assistance Program (SNAP) are at the top of the list that may run out of funds if the U.S. defaults on its loans.

The Social Security Administration (SSA) is the largest U.S. federal program with more than 67 million Americans relying on the Social Security Checks in 2023 to be distributed. However, apart from the agency, the SSA recipients also rely on SSI, Medicare, and Medicaid to make sure that they can afford nutrition, healthcare, and other daily expenses.

READ ALSO: Up To $11,664 Social Security Checks In 2023 May Be Claimed By Beneficiaries, Here’s How!