Social Security checks will go out on time if the debt ceiling deal is approved by Congress. But the short-term agreement only postpones the uncertainty.
Still, there's a lot of uncertainty as to exactly how long the proposed $480 billion could last, according to Shai Akabas, director of economic policy at the Bipartisan Policy Center.
The Washington, D.C.-based think tank has been running its own scenarios about what could happen if the U.S. reaches that so-called X date., is "the first day Treasury has exhausted its borrowing authority and no longer has sufficient funds to pay all of its bills in full and on time." The Bipartisan Policy Center has put together illustrative scenarios on how the government could prioritize payments at that point.
However, due to the lumpiness of how much money comes in to the government and goes out, it is impossible to predict how such a situation would play out, Akabas said.
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