"I cannot guarantee that those [Social Security] checks go out on August 3rd if we haven't resolved this issue. Because there may simply not be the money in the coffers to do it."  President Obama, July 12, 2011.

 "[T]here is enough cumulative money coming to pay interest, SS, Medicare and defense." James Pethokoukis, July 12, 2011.

Source:  James Pethokoukis.

Hoven's Index for July 13, 2011

Estimates of FY 2012 Federal finances (billions):

Total revenue: $2,627 B

Net interest on federal debt:$ 242 B

Social Security: $767 B

Medicare: $492 B

Total National Defense: $738B

Remaining spending, if within revenues (current debt ceiling): $388 B

Deficit spending (if debt ceiling raised): $1,102 B

Source:  White House Office of Management and Budget.

Graph of the Day Archive.