"I cannot guarantee that those checks (Social Security Payments) go out on August 3rd if we haven't resolved this issue. Because there may simply not be the money in the coffers to do it,"
- President Barack Obama, CBS News
President Barack Obama has announced that he may not be able to mail Social Security checks out on 3 August if he has not been given an increased debt ceiling to borrow more money for the government. The blackmail attempts have officially begun. Give us more money now, or watch the entitlement recipients in YOUR Congressional District start to get it.
According to James Pethokoukis, the US Treasury is not precluded from specifically making the next Social Security payment by actual liquidity. “Social Security payments Treasury needs to make on Aug 3. $22 billion. Treasury cash balance on Aug. 3: $74 billion.”
This implies these payments would be stopped as a result of fiscal priorities greater than making Social Security payments that totaled an amount greater than the $52Bn that the Treasury would have on its books as of 3 August 2011. As concerned American citizens, we are owed a dutiful and factual accountings of what those specific priorities happen to be. This is, after all, the most honest and open administration in the history of terrestrial democracy. Isn’t it?