Friday, July 15, 2011

Florida congressman offers bill to guarantee social security payments without debt extension

Some media sources report that Daniel Webster (R-FL) has a bill to prioritize spending in case debt extension does not pass and there is a default. He says military salaries, social security and Medicare benefits would continue to be paid in full.  The link is here

Although I personally appreciate this proposal, my own math doesn’t bear this out.   

Actually, August Social Security payments are based on July eligibility, so conceivably there is an extra month.

How is he going to pay for defense, the war on terror, etc. with 60% of revenues?

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