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Posted on 07/12/2011 10:45:43 AM PDT by tcrlaf
President Obama on Tuesday said he cannot guarantee that retirees will receive their Social Security checks August 3 if Democrats and Republicans in Washington do not reach an agreement on reducing the deficit in the coming weeks.
"I cannot guarantee that those checks 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," Mr. Obama said in an interview with CBS Evening News anchor Scott Pelley, according to excerpts released by CBS News.
(Excerpt) Read more at cbsnews.com ...
The states banks will not / cannot cash a check with no funds on deposit.
The states would have to send out IOUs like CA did...............
He has truly gone 'mental'!
He is so stupid with this childish and reckless ultimatum that it's beyond belief. Look at what his own side is saying about this, calling is a TERRIBLE move...HERE
If he’d say ‘SS is now closed, no more taxes for it, no more spending..’ I’d be the happiest person on Earth.
This whole socialist debacle has to collapse sometime. Kill it NOW!
"...since the government hit the debt limit on May 16, the ongoing flow of federal tax revenue has been more than sufficient to cover the combined costs of federal spending on interest payments, Medicare, Medicaid, Social Security, the Veterans Affairs department and federal workers wages and insurance benefits (including wages and insurance benefits for military personnel)."
You've stated this a couple times now. Looking at your sign-up date of 2009, I'm beginning to wonder if you're a sleeper troll trying to stir up trouble. You don't debate, just stir the pot. Hmmmmmmmmm.
“manufactured crisis”
Exactly. And also a trial balloon. He’s running a play from the Clinton/Gingrich years, the govt. shutdown. It’s just more Chicago dirty politics.
If it backfires with the people, by the end of the week he will lack recollection of ever having said it, or say he was misquoted, and by the end of the following week all evidence of it will have gone down the MSM’s memory holes.
http://theccpp.org/2011/06/obamas-debt-limit-scare-tactics.html
...the Obama administration is threatening to cut off Social Security benefits as well unless they get their “clean” debt limit increase without any spending control.
But that would only be by the choice of President Obama, because cutting off Social Security benefits in any way would not be necessary even without a debt limit increase. Social Security payroll taxes would again still continue to be paid in full, which the Social Security Administration estimates would total $564.7 billion for this year. Social Security benefit payments are estimated to cost $727.3 billion for the year, leaving a deficit of $162.6 billion to be covered if benefits are to be paid in full.
The federal government, however, doesn’t have to borrow from the general public, increasing the national debt, to cash out the Social Security trust fund bonds necessary to cover this shortfall. It can pay off the bonds out of other incoming tax revenue as well. With federal individual and corporate income tax revenue, and excise taxes, totaling $1,257.5 billion, even with $206.7 billion going to pay debt interest, that still leaves $1,050.8 billion, or over $1 trillion, more than enough to cash out $162.6 billion in Social Security trust fund bonds without any additional borrowing.
Exactly so!
If Social Security checks and military retirement checks don’t go out it will be ENTIRELY because this administration CHOSE not to sen them out and not because the money wasn’t there!
What this fight is REALLY all about is whether or not we are willing to let them continue to pay off their voting base with OUR money!
Oh, the ‘sign-up date’ conspiracy..
So it’s against conservative values to be against socialist ponzi scheme entitlements? Right..
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What an ignorant moron, he has to meet his priorities....like ACORN, big pay raises for Fed employees, etc.
I would want the money I've paid into it (over 45 years many of them at the highest rate) returned to me first. With interest.
I don’t understand the reasoning of some of you.
My grandfather has worked hard all of his life and paid into Social Security and Medicare.
Kill it?
Then what is my grandfather and other seniors supposed to do
for something to live on and medical care?
Just give up and die?
Please explain.
What's missing here is that by making this threat, ObieOne is admitting to the American public that Social Security is actually NOT separate from the government as libdems have stated, and further he is admitting Social Security has exactly NO MONEY.
He just declared war on vets, military, seniors and retirees. To the mattresses my friends.
“scare old people”
It always works...GOP better be prepared to play the no cuts to SS card to win this one....they never learn...or just do not care...they have their retirement and job security that is all that matters to them, the rest is lip service...
my tag says it all for me...both of these excellent pols are real reformers...
Nope, you don’t always get what you want. I want all my taxes back too.
The money isn’t there. Just give it up already. No more income stealing and no more redistributing. Why is that even a controversy?
The ‘socialism for me but not for thee’ mentality drives me crazy.
The problem is that is what SHOULD happen. The president picks the priorities and that needs to be pushed with ferocity to our representatives and to the media.
States don’t run on a checking account like you do.
Bet the Amish get their AFDC checks and food stamps!
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