Millions of Social Security recipients 'need to be very careful' about spending because payments could be delayed, one expert said.
," the fiscal limit when the U.S. will run out of money to pay its bills unless Congress raises or suspends the nation's debt ceiling. That may sound arcane, but it has very real implications for the 66 million people — retirees, disabled Americans and children — who receive Social Security benefits.
If the U.S. defaults,"it is unlikely that the federal government would be able to issue payments to millions of Americans, including our military families and seniors who rely on Social Security," YellenHere's what to know about Social Security and the bitter partisan fight over the nation's debt limit. The debt ceiling, also called the debt limit, is set by Congress and represents the maximum amount the federal government is allowed to borrow to pay its debts.
Under the Social Security Act, beneficiaries are entitled to their full scheduled benefits. But another law, the Antideficiency Act, bans government spending in excess of its available funds. Johnson said there's no law that specifies what actions the Social Security Administration should take to ensure benefits are paid in full and on time.
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