I cannot guarantee that those checks go out on August 3 if we haven't resolved this issue, because there may simply not be the money in the coffers to do it, Obama said in an interview on the CBS Evening News Tuesday evening. "This is not just a matter of Social Security checks," Obama said. "These are veterans checks, these are folks on disability and their checks. There are about 70 million checks that go out." WATCH: Obama has been pushing for $4 trillion in a 10-year deficit reduction proposal. But House Speaker John Boehner, after seeking to forge a deal of that magnitude, told the president that a smaller, $2 trillion to $2.4 trillion deal was more realistic. A deal is essential to win Republican votes to increase the nation's debt ceiling by Aug. 2, or risk a government default. Senate Republican leader Mitch McConnell said Tuesday that Republicans will "do the responsible thing and ensure the government doesn't default on its obligations," but said Democrats and the Obama administration were relying on budget gimmicks to give the "appearance of serious belt-tightening." His comments underscored the seemingly inflexible bargaining positions that have created an impasse between Obama and GOP lawmakers as they struggle for agreement on budget cuts as the price for maintaining the government's ability to borrow. McConnell's remarks represent an escalation for Republicans, who had earlier acknowledged that bipartisan negotiations led by Vice President Joe Biden had managed to identify up to $2 trillion in spending reductions.