Will there be Social Security payments in June 2023 if the debt ceiling is not raised?
Social Security beneficiaries could see delays in their monthly payments in the near future, if the government does not resolve the debt ceiling standoff.
The economy of the United States could be facing a crisis very soon if the White House and Congress fail to agree on raising the debt ceiling.
The ceiling refers to the limit of money that the federal government can borrow. While the Biden administration seeks to increase funding, lawmakers- mostly Republicans- refuse to do so unless spending is cut. The last time the ceiling was raised was in December 2021, increasing the total budget to $31.4 trillion.
According to Treasury Secretary Janet Yellen, the country’s government would no longer be able to pay its financial responsibilities as of June 1, and would therefore face a default. Such an occurrence would affect monthly checks for Social Security, Medicare, and payments to veterans and government workers including military personnel. Several non-essential government agencies would temporarily close, leaving millions of people unemployed.
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Will there be Social Security payments in June 2023 if the debt ceiling is not raised?
Taking into account the effects of the debt ceiling on insurance payments, many beneficiaries have begun to question whether they will receive their monthly check in relation to next June.
If the ceiling doesn’t go up, the checks may be delayed, though the disruption will depend on how long it takes legislators to come to an agreement. However, considering that the Treasury sends insurance payments a month late, it means that the check received in June actually covers May’s benefits.
That said, Forbes analysts note that the payments to be sent to beneficiaries in June will most likely continue to come out; though if the ceiling hasn't been raised by the end of June, Treasury may not have the staff available to send payments for July.
READ ALSO: Congress needs to act fast on debt ceiling to avoid economic calamity
Social Security: June Payment Dates
Here is the Social Security payment schedule for the month of June.
- June 1: Supplemental Security Income (SSI) Recipients
- June 2: Recipients who began receiving payments before May 1997
- June 14: Beneficiaries with a date of birth between 1 and 10
- June 21: Beneficiaries with a date of birth between June 11 and 20
- June 28: Beneficiaries with a date of birth between 21 and 31
- June 30: SSI Recipients