Jerome Powell, formerly of H.W. Bush's administration, was interviewed this morning on Bloomberg News about the debt ceiling increase that Congress and the White House are "debating." He cited the Bipartisan Policy Center's findings on what will happen if nothing happens to raise the debt ceiling.
In short, bend over, grab your ankles and kiss your August social security check goodbye.
The report concludes that "Handling all payments for important and popular programs (e.g. Social Security, Medicare, Medicaid, Defense, active duty pay) will quickly become impossible."
According to the report, X Day is somewhere between the 2d and 9th of August (that's the day the $$ runs out).
Read the full report on their website by clicking on the link below.