The U.S. could be less than a month away from reaching its debt limit, and that could hinder the government's ability to pay Social Security benefits.
As the Biden administration pushes Congress to raise the debt ceiling, Treasury Secretary Janet Yellen warned that millions of Americans might not see their full Social Security payments if lawmakers don’t raise the U.S. debt limit.
Yellen and the Biden administration would have to decide what payments it can make. The administration could opt to pay Social Security benefits fully but opt not to pay for other programs. Another option is only to send out partial Social Security and Medicare payments. According to data from the Social Security Administration, the agency will make over $1 trillion in payments this year to nearly 67 million Americans. That includes 48.6 million retirees and 7.6 million disabled workers.
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