President Obama says Social Security checks are at risk

U.S. President Barack Obama meets with Speaker of the House John Boehner (L) during a meeting with Congressional Leaders on budget talks in the Cabinet Room of the White House in Washington, DC, July 11, 2011.

With the debt ceiling deadline coming up fast, President Barack Obama is being asked what the practical fall-out could be on August 3 without a deal. In a CBS interview Tuesday night, the President warned that recipients expecting social security checks could be left empty handed. Social security recipients aren't alone on that. Military payroll, veterans’ checks and all government-issued payments could be at risk. Meanwhile, Senate Republican leader Mitch McConnell today proposed a new method of raising the debt ceiling. It's a complicated to-and-fro of requests from the President to Congress that would stop the status quo of tense negotiations. AirTalk has a lot of questions on this. How much cash flow would the Department of Treasury have to make payments? Which payments are the top priorities, and who would have to suffer with IOU's? How surprised were you to hear the President's statement about what could happen on August 3? Does it alter your thinking about the debt ceiling debacle?

With the debt ceiling deadline coming up fast, President Barack Obama is being asked what the practical fall-out could be on August 3 without a deal. In a CBS interview Tuesday night, the President warned that recipients expecting social security checks could be left empty handed. Social security recipients aren't alone on that. Military payroll, veterans’ checks and all government-issued payments could be at risk. Meanwhile, Senate Republican leader Mitch McConnell today proposed a new method of raising the debt ceiling. It's a complicated to-and-fro of requests from the President to Congress that would stop the status quo of tense negotiations. AirTalk has a lot of questions on this. How much cash flow would the Department of Treasury have to make payments? Which payments are the top priorities, and who would have to suffer with IOU's? How surprised were you to hear the President's statement about what could happen on August 3? Does it alter your thinking about the debt ceiling debacle?

Guests:

Andrew Fieldhouse, Federal Budget Policy Analyst, Economic Policy Institute

David Mark, Senior Editor, Politico.com; Author of Going Dirty: The Art of Negative Campaigning