- C. Jenkins
Over 9 Million Veterans Have Benefits Threatened by US Default
Over 9 million veterans who are relying on physical and mental care programs could soon see their federal payments greatly impacted if the U.S. defaults on its debt limit.
Democrat and Republican lawmakers are currently at odds over suspending the federal debt ceiling.
If the U.S. defaults on its obligations, it poses a serious risk to veterans benefits, troop salaries, and Social Security benefits.
According to a statement from the White House:
If the United States were to default, tens of millions—including families with children, retirees, and veterans—would quickly, even overnight in some cases, face the prospect of losing the regular Federal payments that help them to make ends meet.” …
A default threatens veterans’ programs as well, with over 9 million veterans relying on physical and mental care, in addition to other supports. For a single veteran with a 50 percent disability rating and no dependents, the average disability benefit is around $900 per month; veterans with families or with greater disability ratings receive more.
Time is starting to grow short to avert a U.S. debt default, as Senate Democrats’ attempt to pass legislation to suspend the federal debt ceiling appears like it will fail.
If the Federal government ends up missing or delaying payments, the impact will be felt immediately by Americans across the nation.
President Biden accused Republican lawmakers of blocking efforts to increase the government’s borrowing authority. In a statement Biden said, “we’re going to have to raise the debt limit if we’re going to meet those obligations.”
Both Biden and Senate Majority Leader Mitch McConnell, R-Ky., have promised the country will avoid default, but their lack of progress risks an economic meltdown.
The US has never defaulted before, and the deadline to raise the debt ceiling is October 18.