By Peter Urban
Stephens Washington Bureau

WASHINGTON — A group of House Republicans led by U.S. Rep. Rick Crawford, R-Jonesboro, charged today that President Obama is needlessly scaring seniors over the ongoing debt ceiling debate.

“Quit scaring America,” said Rep. Louie Gohmert of Texas, who joined Crawford at a news conference outside the U.S. Capitol. “We need to keep our promises and the money is there to do it.”

The Republicans sent a letter, signed by nearly 60 members, noting money is available to make interest payments, fund Social Security and issue paychecks to soldiers. If there is a cash flow problem, they said, the president could cut low-priority spending. They said implementing health reforms, for example.

“We’re here just to remind him that we want to make sure our seniors and soldiers are taken care of first and foremost and that we meet our financial obligations to our interest payments,” Crawford said. “We’re just calling on our president to assume the position of CEO and to prioritize accordingly.”

Crawford said his office has been flooded with telephone calls from constituents worried that they will not receive their Social Security checks in August if Congress fails to raise the debt ceiling.

Treasury Secretary Timothy Geithner reiterated today that the federal government would reach the $14.3 trillion debt ceiling on Aug. 2, at which time it would be unable to borrow additional funds to pay all its bills. The government is taking in fewer dollars each month than it pays out.

While the federal government would not close down, it is unclear what programs would be funded. There are also real concerns that a failure to raise the debt ceiling would cause serious harm to the global economy as well as lower the credit rating of the U.S. government.

Senate Majority Leader Harry Reid said such a failure to reach a compromise would be catastrophic and affect “every American’s wallet” through higher interest rates for mortgages, car payments, credit cards and student loans.

Social Security checks “would stop,” Reid said, along with veterans benefits and paychecks for the military. His comment on Social Security echoed those of Obama, who said earlier this week he “cannot guarantee” checks would go out on Aug. 3.

“Payments on our national debt would stop,” Reid said. “American investments and retirement accounts could be decimated. Millions of Americans could lose their jobs.”

“They’ll even pay more for their electric bills, groceries and gas. The spike in interest rates and the damage to the U.S. dollar alone could cost the average American family more than $1,500 immediately,” he said.

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Steve Tetreault of the Stephens Washington Bureau contributed to this story.