Government Default: What Does It Mean? – Part III

    There are fears the Federal Government could default on our seniors, veterans and other vulnerable groups if the debt ceiling is not raised.

    FOX News Radio White House Correspondent looks at what default could mean to those groups in Part 3 of a special series: "Government Default: What Does It Mean?"...

    Audio clip:

    (("Brother, can ya spare a dime?"))

    The White House raised the specter of seniors not getting Social Security...

    "No, we can't guarantee, if there is a default, any specific bill can be paid."

    ...Press Secretary Jay Carney.  Republicans like Iowa Rep. Steve King cried foul...

    "It was calculated to scare our seniors."

    Kevin Hassett, former Federal Reserve Chief Economist, says enough money will come in to cover Social Security and other vital payments...

    "They could choose to make Social Security and interest payments first if they wanted to."

    But former White House Appropriations Chief of Staff Scott Lilly says it's not clear if the President will have the authority...

    "There is a great deal of division among attorneys about what choices the President can make."

    Of course, the hope is it never comes to that.


    In his next installment, FOX News Radio's Mike Majchrowitz looks at what would happen to other Federal Government services if there were a default.

    You can listen to Parts 1 & 2 of our special series, "Government Default: What Does It Mean?" HERE.