Depending on how the debt ceiling is resolved, Social Security payouts might end in July

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There are growing concerns that Social Security pensioners may no longer receive their benefits if US politicians fail to reach a deal on the debt ceiling by the deadline to prevent a collapse. Many analysts believe that payments may cease as early as July.

Earlier in the month, Treasury Secretary Janet Yellen warned Congress that the United States would be in failure on its debt by June 1. There hasn’t yet been a settlement reached following meetings between Congressional leaders and President Joe Biden to discuss raising the debt ceiling.

Rae Hartley Beck, a former Social Security claim expert, warned that the Treasury Department “may lack employees accessible to process the July Social Security payouts” when the debt ceiling isn’t lifted by the last day of June. It may even be completely shut off.

For the almost 67 million Americans that get Social Security benefits, that is a terrifying possibility, and virtually all politicians have pledged they will prevent it from happening. The question of if they can do something to stop it throughout a default is a different matter.

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