The Impending Debt Limit and Social Security Checks: What You Need to Know.

The failure of US leaders to reach an agreement to raise the nation's borrowing limit could lead to catastrophic and devastating effects across the country, with Social Security payments being one of the biggest impacts. If the debt ceiling isn't raised by the projected default date in June, the July Social Security benefits would be in jeopardy. Republicans refuse to raise the debt ceiling without federal spending cuts in exchange, while Democrats say the nation's borrowing limit should be raised without conditions and federal spending negotiations should happen separately.