Official Treasury Reports: Coffers Full Enough to Cover Entitlement Programs, Veterans, Federal Salaries, Interest—Without Borrowing a Dime
Tuesday, July 12, 2011
By Terence P. Jeffrey
By Terence P. Jeffrey
House Speaker John Boehner, President Barack Obama and Senate Majority Leader Harry Reid discussing debt-limit legislation at the White House on July 7, 2011. (AP photo)
(CNSNews.com) - President Barack Obama told CBS News today that there may not be enough money in the U.S. Treasury to cover Social Security checks after Aug. 3 if Congress does not agree to lift the legal limit on the federal debt and allow his administration to borrow more money.
"I cannot guarantee that those checks go out on August 3rd if we haven't resolved this issue. Because there may simply not be the money in the coffers to do it," Obama told CBS News anchor Scott Pelley in an interview.
However, according to the Daily Treasury Statements published by the U.S. Treasury Department, the ongoing flow of federal tax revenue since the Treasury declared that it had hit the debt limit on May 16 has been more than sufficient to cover the combined costs of federal spending on interest payments, Medicare, Medicaid, Social Security, the Veterans Affairs department and federal workers wages and insurance benefits (including wages and insurance benefits for military personnel).
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