Study estimates delay in Social Security payments if debt ceiling isn’t raised
Based on a study released Tuesday, September 10, a think tank organization foresees a delay in Social Security benefits if Washington does not agree on legislation raising the government’s loan cap. According to the Bipartisan Policy Center’s analysis, with the default date coming on November 5, the U.S. would immediately get behind on its Social Security disability benefits obligations, including military pensions.
U.S. Treasury Department Secretary Jacob Lew says the U.S. will reach its debt limit by mid-October and be left with just $50 billion cash on hand. As a result, the Bipartisan Policy Center’s study estimates that if the government cannot pay its bills in full by Oct. 18, Social Security beneficiaries will have to wait for at least two weeks to get their expected Social Security payments, which would normally be due on November 1.
If you are looking to learn more about filing for Social Security benefits in Indianapolis, get in touch with our legal team at the Hankey Law Office, P.C., by calling 317-634-8565 today. We can explain this complex program to you and potentially help you file a claim.