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January 15, 2013

Hitting the debt limit: What would get paid?

Associated Press

WASHINGTON — Reiterating a threat he first issued in the summer of 2011, President Barack Obama on Monday warned Republicans that older Americans might not get their Social Security checks and veterans won't get timely benefits if Congress fails to increase the government's borrowing authority.

Republicans are insisting on spending cuts in exchange for raising the current $16.4 trillion debt ceiling. Obama vowed Monday not to use the debt ceiling to negotiate deficit reduction. “We are not a deadbeat nation,” he declared, creating an inevitable showdown with congressional Republicans.

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