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Social Security and the Debt Crisis: Two Competing Viewpoints
Yesterday, President Joe Biden issued statements assuring Veterans and Social Security benefits recipients that there would be no interruption in the flow of payments. In fact, his definitive assertion on the fear that benefit payments to Vets and the elderly are in jeopardy included these words, “Congressional leaders understand that, and they’ve all agreed there will be no default.” His remarks went on to refer to meetings scheduled yesterday afternoon that would continue “productive discussions” on the debt ceiling issue.
Fast forward to this morning: Politico reporters Caitlin Emma and Jennifer Scholtes posted on Politico.com’s News page renewed warnings on the potential disruptions in payments for “critical items like Social Security, veterans benefits, federal salaries and more.” Read the Politico post, which includes discussion on the Fitch Ratings warning, here.
The next few days will tell what happens in the crucial negotiations, and will hopefully provide some clarification on the economic fallout expected from the debt ceiling situation.
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