WOODBURY - President Barack Obama announced today that Social Security checks may be on the line if Congress fails to reach an agreement over the nation's debt limit.

Obama told CBS News that he can't guarantee that checks will be arriving in the mail next month because the federal government simply may not have the money if the debt ceiling isn't raised.

At a senior center in Massapequa Park, news of the president's warning did not sit well. Many Long Island senior citizens say they rely on their Social Security checks for survival.

News 12 Long Island has learned of a new proposal from Republicans that would give Obama the authority to raise the debt limit for the rest of his term, allowing Republicans to avoid supporting any increases.

The deadline to reach an agreement before a government default is Aug. 2 and checks are supposed to go out Aug. 3.

Obama challenges Republicans to compromise on debtObama to hold news conference on nation's debt limit