Obama: No social security checks if debt crisis isn't resolved

Obama won't grant lawmakers anymore time to reach a debt ceiling compromise. / File photo

"I cannot guarantee that those cheques go out on Aug. 3 if we haven't resolved this issue," Obama said about the effects of the debt on pending social security, veteran and disability aid in a CBS interview on Tuesday evening.

Call it the shot heard 'round the world, but neither the White House nor House Speaker John Boehner are dismissing a backup plan to raise the government's borrowing authority as President Barack Obama and his GOP rivals head into another deficit-cutting meeting today.

Obama declared he would reject any stopgap extension of the nation's borrowing limit and warned lawmakers that elderly Americans could suffer first if a debt ceiling compromise is not reached.

Read more As Talks Stall, New Debt Plan Offered McConnell Offers ~Last Choice TM Debt Option Just what is the federal debt ceiling?

The Associated Press reports that Senate GOP leader Mitch McConnell offered a backup plan that would, in effect, guarantee Obama requests for new government borrowing authority unless Congress musters veto-proof majorities to deny him. There's stiff opposition among tea party conservatives.

If a deal is not reached by Aug. 2, the U.S. Treasury will run out of money to pay all of the country's bill.

Is Obama's no back up plan, no extension policy an effective risk? Will republicans and democrats reach a deal? What would you cut first if you could solve the debt ceiling crisis? Leave your comment below with us or on Facebook.

(The Associated Press contributed to this report)