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Published on Jul 14, 2011
In an interview with CBS news last night President Obama said he could not guarantee that social security checks will be mailed out on August 3rd.
His statement stems from the current debate on Capitol Hill where Congress is trying to reach an agreement on how much debt the U.S. can handle.
The nation's debt crisis comes down to this: The U.S. has reached its debt limit, and cannot spend more money than it brings in, but we don't make enough to cover all our spending. Now Congress is in tough negotiations that could shut down government and hurt our seniors.
"I cannot guarantee that those checks go out on August 3rd if we haven't resolved this issue," said President Obama.
Not comforting words for seniors like Carolyn Seay who rely completely on a social security check to get by each month.
"I don't know why, we put in the money to social security, it should be there for us," said Seay.
Seay doesn't receive any other type of assistance, and now she may be facing a direct hit from the government's over spending.
"I feel angry, because if they left it alone, we wouldn't have to worry about where our checks are coming from, or if we're getting one this month."
"When they spend more than they put in they're stealing from the future and there's no other way to put it, they're stealing from you and your children tax revenue that you should be entitled to." Financial expert Micky Cargile has been monitoring the crisis on Capitol Hill and says the political showdown is just that, a show, and he says seniors like Seay shouldn't worry.
"Don't get too caught up in the news, its only politics even if there is some small impass, it will only last for a few days and it will be negotiated further."
Cargile says the U.S. has faced this issue during the Clinton administration, where the government did actually shut down for a few days, but through negotiations did come out with a surplus and lowered the debt.