What Happened to the $2.6 Trillion Social Security Trust Fund?

Jul. 13 2011 - 2:25 pm
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WASHINGTON, DC - APRIL 13: U.S. Sen. Rand Paul (R-KY) refers to a chart showing the amount Social Security will add to the national debt as he speaks about a Social Security reform plan during a news conference at the U.S. Capitol on April 13, 2011 in Washington, DC. Paul and other Republican senators proposed raising the retirement age to 70.

Here’s how President Barack Obama answered CBS’s Scott Pelley’s question about whether he could guarantee that Social Security checks would go out on August 3, the day after the government is supposed to reach its debt limit: “I cannot guarantee that those checks [he included veterans and the disabled, in addition to Social Security] 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.â€