Lew Says Debt-Limit Stalemate Threatens Markets, Retirees
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Treasury Secretary Jacob J. Lew warned that the congressional deadlock over the U.S. debt ceiling is “beginning to stress the financial markets,” and failing to raise it by Oct. 17 could put Social Security and Medicare payments at risk.
“Failing to raise the debt ceiling will impact everyday Americans beyond its impact on financial markets,” Lew told the Senate Finance Committee today. Between Oct. 17 and Nov. 1, the U.S. has “large payments to Medicare providers, Social Security beneficiaries, and veterans, as well as salaries for active-duty members of the military. A failure to raise the debt limit could put timely payment of all of these at risk.”