White House Budget Director Jacob Lew dodged CNN’s Candy Crowley’s question if the administration would prioritize Social Security payments if a default occurred. Transcript of the exchange below:

CROWLEY: “Surely you must have discussed priorities, though, we have to pay this?”

LEW: “The truth is this is a different situation the United States has ever faced. We’ve never gone into a situation where we didn’t have enough money to pay our bills. We borrow 40 cents on a dollar right now. And if the time comes when we lose the ability to pay our bills, there will be a cash flow issue that is very real, and that’s why it’s critical that Congress take action before August 2nd.”

CROWLEY: “Would you allow it to happen that those the Social Security checks would not go out? Would you allow that to happen?”

LEW: “As the President has indicated, it’s not a question of what we allow and what we don’t allow –”

CROWLEY: “But you get to decide priorities. There will be some money –”

LEW: “There will not be enough money to pay all the bills.”

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