Newt Gingrich admitted that Obama was right when he said that Social Security payments are in jeopardy if the debt ceiling isn't raised. This from an interview with Sean Hannity on Fox today.
I think the House Republicans should call President Obama's bluff. President Obama said today that he couldn't guarantee that Social Security checks would be paid on August 2nd or August 3rd.
The House Republicans ought to go in tomorrow or the next day, pass a $100 billion cut in spending and a $100 billion increase in the debt ceiling so it is exactly balanced. That takes us all the way through to September. They should call that the Social Security payment guarantee bill.
Then they should say to the president, here we've taken care of August. All you have to do is get Harry Reid and the Senate Democrats to pass it. You sign it. We can guarantee every senior citizen their Social Security check. Now, Mr. President, are you prepared to stop senior citizens from getting their check?
Put the shoe back on his foot. Make him responsible. You can do that once a month for the next 18 months. You can find $100 billion a month to do it.
Note what Gingrich is saying. An INCREASE IN THE DEBT CEILING is needed or there might not be sufficient funds to guarantee payment of Social Security benefits. Otherwise there would be no need for Republicans to pass a $100 billion cut in spending and a $100 billion increase in the debt ceiling. That’s what Obama said. So, according to Newt, Obama is right and all the Repubs who say the government has enough money to meet its obligations to seniors without raising the debt ceiling are wrong.