My aunt was saying today the government is gonna stop giving out ssi checks and food stamps. My aunt always makes mountains out of molehills so most likely thats false. Said the president would announce it at 5 pm. Wouldnt a lot of families that all the members have ssi disablity checks be screwed? Im kinda jealous how my niece's family all have ssi checks and they make more money than us working people.
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The "I OWE YOU" system does have a limit - it's called the debt ceiling.
If the government is at the debt limit, it can't write ANY checks for any entitlement program - SS, Medicare, etc... unless there's an independent bank or some other backup program picking up the tab.
That's one of the big issues at stake with this budget deal. They need to raise the debt ceiling. Otherwise, there's no headroom for ANYTHING.