"Debt ceiling" and Social Security delay?

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ohjodi
Posts: 1444
Joined: Sun Aug 30, 2015 3:57 pm

"Debt ceiling" and Social Security delay?

Post by ohjodi »

"They say" that if congress does not lift the "debt ceiling", Social Security checks could be delayed. Although I don't think that will happen, I decided to take a look at my finances and see how long I can go without getting my SS disability check, and also food stamps, because I do get those, and I read somewhere that those could be delayed, too.

Is anyone else slightly concerned about this? Could you manage?

The checks "could" stop some time between Oct 15 and Nov 4.

I do get rental assistance, that won't be affected, but it does reduce my expenses, so that helps.

I crunched my numbers, and if I do NOT get a check on Nov 3, my usual day, I can go 2.5 months, and if I have to, I can put another .5 month on a credit card (I know, I know, but you gotta eat and pay the utilities, the interest is low, and I'd pay it off when they resume SS checks, again. Do what you gotta do!

If I DO get a check on Nov 3rd, I can go a full three months, maybe a little more, without using a credit card.

I don't think this will happen, but it was a good exercise in taking a look at the books, so to speak, and I must say I'm pretty proud of myself for making a plan, having some backup cash, knowing those hard-core frugal ways, and even having that last-resort low-interest credit card.
ohjodi
floridacatlover
Posts: 8056
Joined: Fri Aug 28, 2015 7:21 am

Re: "Debt ceiling" and Social Security delay?

Post by floridacatlover »

It’s good to look at your finances but I would not worry. Congress almost always plays brinksmanship on important legislation and then makes a deal at the very, very last minute.

I had a friend who was a federal budget expert, advised Congress and also European nations. He would say “65 million Social Security recipients have more power than anything the DOD can produce.” Republicans know this and will make a deal - probably around 1 a.m. on a day when it looks like the U.S. is close to a default.
Quilter51
Posts: 2815
Joined: Sat Aug 29, 2015 6:04 pm

Re: "Debt ceiling" and Social Security delay?

Post by Quilter51 »

During I government shut down you continue to receive social security checks. The issue of cards is suspended. Unclear where you saw otherwise.

https://dankildee.house.gov/governmentshutdown
ohjodi
Posts: 1444
Joined: Sun Aug 30, 2015 3:57 pm

Re: "Debt ceiling" and Social Security delay?

Post by ohjodi »

Quilter51 wrote: Sat Sep 25, 2021 6:32 pm During I government shut down you continue to receive social security checks. The issue of cards is suspended. Unclear where you saw otherwise.

https://dankildee.house.gov/governmentshutdown
I've been seeing articles everywhere about checks being delayed. In any case, it's unlikely to happen.
ohjodi
floridacatlover
Posts: 8056
Joined: Fri Aug 28, 2015 7:21 am

Re: "Debt ceiling" and Social Security delay?

Post by floridacatlover »

Quilter51 wrote: Sat Sep 25, 2021 6:32 pm During I government shut down you continue to receive social security checks. The issue of cards is suspended. Unclear where you saw otherwise.

https://dankildee.house.gov/governmentshutdown
Yes, this is during a government shutdown when Congress does not pass the appropriations for the year.

But this year we have two critical pieces of legislation coming at the same time - the continuing appropriations and the debt limit. If the debt limit is not raised, the federal government cannot borrow money and every day the expenses will exceed receipts by a lot.

Our government is spending far more than we are taking in. This year the deficit is expected to be $3.4 trillion. So Congress must pass the authority to borrow.
clemencia2us
Posts: 11445
Joined: Fri Aug 28, 2015 9:21 am

Re: "Debt ceiling" and Social Security delay?

Post by clemencia2us »

When this has happened before, my bank USAA tells us that they will continue doing the auto deposits from military pensions and then just recover when they are posted.

They have never had to do this so far.
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