"I cannot guarantee that those 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", and then there is The Truth
The President is supposed to know this. He is supposed to be really smart. The conclusion is that he is an honest idiot or a liar with no conscience. Or, possibly, a lying idiot.
This is purely an attempt to scare seniors and others and stampede us all off the cliff of increasing the debt limit. There is no excuse for saying that we cannot meet our obligations to pay the interest on our debt and to cover the checks for Social Security and the military payroll. I really don't give a rip about the rest of what can or can't be covered, but anybody should be able to live on $196 billion a freaking month.
Where are the honest journalists (I needed a laugh) or the courageous Republicans (sure) who will throw this in the President's face and call him out on it?