In a CBS News interview that will air tonight, President Obama he cannot guarantee that Social Security checks will go out come August 3rd without raising the debt ceiling "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 veteran's checks, these are folks on disability and their checks. There are about 70 million checks that go out each month. I can not 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.
Video after the fold
The interview will air later on tonight (Tuesday, 7/12) on CBS Evening News with Scott Pelley.
12:15 PM PT: More discussion on the matter in justmy2's diary found here: http://www.dailykos.com/...