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Social Security payments could be delayed due to the debt ceiling standoff in the U.S., according to CNN News.
Debt Ceiling Standoff, Social Security Payments Could Be Delayed! (PHOTO: Washington Examiner)
Debt Ceiling Standoff In the US!
The United States is facing a debt ceiling standoff right now. If the House Republicans and President Joe Biden couldn’t have a deal to address the debt ceiling, the US Treasury may lack funds for different Social Security payments.
The Social Security payments are scheduled to be sent out to recipients on June 2. It’s about $25 billion in payments and it goes mainly to the most vulnerable like retirees, seniors, and disabled workers.
These benefits could be delayed if the debt ceiling standoff will not be resolved. Seniors are now worried if they will receive their payments on time.
According to the National Committee to Preserve Social Security and Medicare, 40% of recipients have payments that constitute at least 90% of their income.
Social Security and Medicare political analyst says older Americans are more aware right now of the debt ceiling standoff. Many are concerned not only about their benefits but also about the potential stock market.
READ ALSO: Debt Ceiling Deal To Include A Massive Tax Hike: Senator Josh Hawley Says!
Debt Ceiling Standoff
Due to the debt ceiling standoff, the Treasury Department might decide to prioritize Social Security Payments. Social Security could be shielded from the impact of the US debt ceiling standoff. But, it’s not known exactly how the department will handle it.
The department could continue making on-time payments because of the entitlement program’s trust fund, the director of economic policy at the Bipartisan Policy Center said.
READ ALSO: Debt Ceiling Issues Discussed By Biden, McCarthy On May 22 Meeting
