WASHINGTON — President Barack Obama upped the ante in debt negotiations Tuesday, saying that he cannot guarantee retirees will receive their Social Security checks starting Aug. 3 if the two parties in Congress cannot come up with a deal to raise the nation’s debt ceiling.
“I cannot guarantee that those checks go out on August 3rd if we haven’t resolved this issue,” Obama said in an interview with CBS Evening News anchor Scott Pelley. “Because there may simply not be the money in the coffers to do it.”
“This is not just a matter of Social Security checks. These are veterans checks, these are folks on disability and their checks. There are about 70 million checks that go out,” Obama warned.
Obama’s comments added to the recent game of high-stakes poker being waged by the administration and Republican leaders.
The Treasury Department has warned that if Congress fails to raise the nation’s $14.29 trillion debt ceiling by Aug. 2, the US will default on its debt, sparking worldwide market instability.
Earlier Tuesday, Senate Minority Leader Mitch McConnell (R-Ky.), accused the president of being the main impediment to a deal.
“After years of discussions and months of negotiations, I have little question that as long as this president is in the Oval Office, a real solution is probably unattainable,” McConnell said on the Senate floor.
After talks Sunday and Monday failed to reach agreement, top leaders from both parties in Congress will return to the White House Tuesday afternoon to continue discussions.