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January 16, 2013
WASHINGTON — No one doubts dire things will happen, and fast, if the government runs out of borrowing authority in coming weeks. But late Social Security checks need not be among them.
President Barack Obama's blanket statement Monday that “Social Security checks and veterans benefits will be delayed” if Congress doesn't raise the debt limit masked the options open to the government if it is forced to operate in a severe fiscal pinch. There are many, although none pleasant. If Washington can't keep borrowing to ensure all its bills are paid, it will need to decide which expenses to cover and which might have to slide until a deal comes together.
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