Time is running out for our nation’s leaders to reach an agreement. U.S.Treasury Secretary Janet Yellen warns the United States could be out of money by June 1st. Both sides have been meeting to try to come to an agreement before we breach the so-called “debt ceiling.” That’s the maximum amount the federal government can borrow to pay its debts.
According to a report by CBS News, breaching the debt ceiling could have a negative financial impact on American citizens, as credit card and mortgage rates would likely increase and the stock market could plummet.
The Seniors Trust is watching this closely. Our big concern is that Social Security recipients might not get their monthly benefit checks on time. This could be financially devastating for the millions of older Americans who rely on Social Security as their main source of income.
In the event of the federal government’s default (unlike a shutdown) Social Security beneficiaries may go unpaid — but members of Congress will still get their checks. That is unacceptable!
Please join us in calling on lawmakers to come to an agreement quickly. At the same time, why not remind them of the importance of enacting the Social Security Expansion Act? It would give seniors bigger benefits and secure the long-term solvency of Social Security for generations to come.