Obama can't promise August Social Security checks

President Obama on Tuesday said he can't guarantee that retirees will receive their Social Security checks on August 3 if Democrats and Republicans do not reach an agreement on reducing the deficit, CBS reported.

"I cannot guarantee that those checks go out on August 3 if we haven't resolved this issue. Because there may simply not be the money in the coffers to do it," Obama said in an interview with CBS Evening Newsanchor Scott Pelley, according to excerpts released by CBS News.

The Obama administration and many economists have warned of economic catastrophe if the United States does not raise the amount it is legally allowed to borrow by August 2.

Lawmakers from both parties are using that deadline to work out a broader package on long-term deficit reduction, with Republicans looking to cut trillions of dollars in federal spending and Democrats pushing for both spending cuts and increased revenue through higher taxes.