Here's what could happen to Social Security, Medicare and other government payments if Congress doesn’t fix debt ceiling
If Congress doesn't act to fix the federal debt limit, there could be big ramifications for the timeliness of government payments people rely on.
Alternatively, the Treasury Department could choose to delay all bills.If the debt limit were reached on Dec. 21, for example, Medicaid payments to states that were supposed to go out that day would not go out until Dec. 22, federal salaries dated Dec. 23 could get pushed to Dec. 28 and small business loan forgiveness slated for Dec. 27 would be delayed to Dec. 30, the Bipartisan Policy Center estimates.
Meanwhile, Social Security checks slated for Dec. 22 would not be sent until Dec. 27. Those delays would get longer with the next payments dated Jan. 3, which would not go out until Jan. 14, according to the Bipartisan Policy Center's example.Notably, because Social Security payments are made through dedicated trust funds, running up against the debt ceiling would not interfere with the program's financing,
experts say.The U.S. government could avoid running past the deadline to fix the debt ceiling, as it has done in the past. Most recently, President Joe Biden signed legislation on Oct. 14 to increase the debt limit by $480 billion.On Friday, Reps. Scott Peters, D-Calif., headtopics.com
and Jodey Arrington, R-Texas, unveiled legislation aimed at changing how the government handles the issue.Their bill, called the Responsible Budgeting Act, aims to permanently diffuse the debt limit and address underlying fiscal challenges with specific proposals to reduce the debt.
This proposal has been reviewed by key players in Congress and in the executive branch, according to Bipartisan Policy Center's Akabas.Read more: CNBC »
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I’m afraid to read this. Stop stealing from me to pay for those old fucks! The Republicans would love to destroy Social Security. thanks
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