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"They also know they can pay the debt with cash on hand," this official told FOX Business. The Treasury collects around $2 trillion in tax revenues, and is scheduled to pay out $200 billion in interest to bond holders. In order to meet its obligations to contractors, social security recipients and others, the administration would have to raise another $1 trillion either through cuts, higher tax revenues, the issuance of debt or a combination of all three.
For the past few years, liberals have tried various ways to appropriate Ronald Reagan’s legacy. The latest sad attempt has been to enlist the Gipper to defend the notion that the only way to deal with the debt-ceiling crisis is to impose a trillion dollars of new taxes. “I find myself these days quoting Ronald Reagan,” said Sen. Barbara Boxer, California Democrat
Or the lack thereof. After bobbing-and-weaving for nine minutes, Carney finally says what everybody knows: the president won’t put his plan on paper because he doesn’t want it to become “politically charged” before a compromise can be reached. In other words, you’ve got to pass it to find out what’s in it:
Originally posted by Kingbreaker
So it appears this threat of SS checks not going out is false, and merely an attempt to force Republicans to make a move, since Obama has no plan at all.
... Our president actually has no plan: