NEW YORK — The threat to Social Security payments posed by a debt ceiling impasse keeps Linda Stanberry, 76, dwelling on her worst fear: the loss of the home she has lived in for 48 years.
Stanberry, who depends entirely on about $1,800 she receives in federal benefits each month, said she hardly saves anything after expenses like food, utilities, prescription drugs and supplemental insurance for cancer coverage.
Stanberry is one of millions of low-income older Americans who rely on Social Security for almost the entirety of their funds. In all, roughly 1 in 7 Americans age 65 or older depend on the federal benefits for 90% or more of their income, Social Security Administration data shows. Additional payments are scheduled to go out on June 14, June 21 and June 28, each of which amounts to about $25 billion.
"They live government paycheck to government paycheck," Kempner said."They don't have reserves to float themselves for a couple months in case benefits are suspended because of what's going on in Washington." McCarthy is commiting to provide House members 72 hours to review the bill before bringing it to the floor for a vote, leaving little time for a deal to be ratified before a potential cash shortfall on June 1.
Charles Turner, 74, relies solely on some $1,000 in Social Security that he receives each month, he said.
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