The Social Security Administration issues millions of payments monthly to recipients of the insurance program, primarily retired workers or disabled individuals on SSI or SSDI
Payments are issued weekly based on the beneficiaries' date of birth
Delays in July payments could occur if an agreement on raising the debt ceiling is not reached by Congress and the White House
The debt ceiling sets the limit on the amount of money the Federal Government can borrow
In December 2021, Congress approved an increase of $2.5 trillion dollars, raising the total budget to $31.4 trillion dollars
The White House is currently seeking authorization from Congress for another increase in the debt ceiling
Lawmakers, particularly Republicans, are refusing to raise the debt ceiling unless spending is reduced
The Biden Administration and Congress have until June 1 to reach an agreement on the debt ceiling