January 14th, 2013|
January 14, 2013
President Barack Obama announced earlier today that unless a deal can be reached to raise the nation’s current debt ceiling soon, the more than 62 million Americans who receive Social Security Disability Benefits or Supplemental Security Income could see delays in receiving payments.
According to Mail Online, the president made the statement in response to the ongoing debate on how to fix the problem of the nation’s rising debt. Recipients of Social Security benefits make up a large portion of the money and spending that is currently being debated by legislators and is only compounded by the fact recipients were set to receive an increase in payments at the start of the year.
Such a delay in payments could have devastating effects on families who depend on Social Security benefits in order to survive, considering a default on payments could potentially create another recession that would only result with inflated borrowing costs and an increased deficit anyway.
It is also important that the payments no be delayed as they will be the first in several years where recipients have gotten a Cost of Living Adjustment, or COLA. The COLA will increase each recipient’s payment by around $20 per check.
The Social Security Disability Lawyers with Fleschner, Stark, Tanoos & Newlin understand the importance of benefit payments not being delayed and may be able to help if you have a Social Security benefit claim you are preparing to file or that has been denied in the past.