Treasury Secretary Jack Lew warned Thursday that timely payments to Social Security beneficiaries, veterans, active duty military personnel and Medicare providers would be at risk if Congress does not raise the debt ceiling.
In testimony before the Senate Finance Committee, Lew said the hit to the economy would go far beyond the disruption of financial markets that has gotten a lot of attention in recent days.
“Between October 17 and November 1, we have large payments to Medicare providers, Social Security beneficiaries and veterans, as well as salaries for active duty members of the military,” he said in prepared remarks. “A failure to raise the debt limit could put timely payment of all of these at risk.”
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