As long as there is a positive balance in the trust funds, the Treasury secretary has both the authority and the obligation to make scheduled trust fund payments. Even though Congress intended to prohibit the use of the Social Security and Medicare trust funds to circumvent the debt limit in 1996, Congress also intended to allow the trust funds to be redeemed when necessary to meet current withdrawals. If Congress and the White House fail to increase the debt limit before the traditional extraordinary measures have been exhausted, the Treasury secretary will be forced to choose between defaulting on legally binding trust fund obligations, as well as other obligations, or using the debt limit escape clause.

Original Source: The Hill

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