Debt Ceiling

Treasury Secretary: Social Security, Medicare, Veterans Payments First on the Chopping Block Absent Debt Ceiling Increase

Debt payments will be made but it'll be like a "default" in the general sense, he says


Treasury Secretary Jacob Lew delivered a stern warning to Congress on Thursday about the consequences of not raising the debt ceiling, saying Social Security checks and benefits for veterans are among the payments that could be halted in such a scenario. 

Lew testified Thursday before the Senate Finance Committee. He spoke amid claims from some corners that missing the Oct. 17 deadline does not necessarily trigger the doomsday scenario of default on the debt.