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If no deal by Aug. 2, Obama can't guarantee Social Security checks will go out

In an interview with CBS Evening News, President Obama says he can't guarantee Social Security checks will go out Aug. 3rd if a debt-ceiling deal is not reached by the Aug. 2nd deadline.

The following clip was posted on the cbs news website, more of the interview expected to air tonight:

Scott Pelley: Can you tell the folks at home no matter what happens that Social Security checks are going to go out on August the 3rd? There are about 20 billion dollars of Social Security checks that have to go out the day after the government is supposed to go into default.

Obama: Well this is not just a matter of Social Security checks, these are veterans checks, these are folks on disability, their checks. There are about 70 million checks that go out --

Scott Pelley: Can you guarantee as President those checks will go out on August the 3rd?

Obama: I can not guarantee 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.