Seniors react to possibility of no social security checks

NORTH OLMSTED, Ohio - Americans are getting used to politicians taking care of disagreements at the last minute, as we saw this spring with the budget. While time will tell if we'll see a repeat of history, some believe the stakes are much higher this time around.

The card players at the North Olmsted senior center are used to calling each other's bluff, but now they’re wondering which politician is bluffing.

"If politicians tell you enough lies enough times people will believe it," Mary Ann Ward said.

Whether you believe the president or not, seniors took notice when the president said social security checks may not be sent in August.

"It's going to tear the seniors up because we rely on our social security," Shirley Jenkins explained.

Whether you're elderly and relying on social security or young and relying on student loans, it may all be at risk if a decision is not made on the debt limit, which is essentially the nation’s credit card limit.

“It's going to be really hard to go to school without a loan," Kent State Junior Jackie Griswold said.

According to Bankrate, the new market slogan would be "If the U.S. can default anybody can," which means your interest rates on your home, car or other loan could go up.

"I think the scare is real," said Dr. Tom Sutton, a political science professor at Baldwin Wallace College.

Sutton said when interest rates go up, jobs are in jeopardy.

“The stakes are at their ultimate when it comes to the debt limit and what it can do to the economy,” Sutton said.

The stakes are high for every American, and for the politicians themselves.

"No one wants to get the blame and it's too risky to predict if we do X then the other side will get the blame. We don't know that," Sutton explained.

Dr. Sutton believes the debate will come down to the last minute, and that a decision will be made because the stakes are just too high for every American.