President Barack Obama sat down with CBS Evening News anchor and managing editor Scott Pelley for an interview that will air in full Tuesday night. In a preview released Tuesday afternoon, Pelley points out to Obama that $20 billion in Social Security checks are supposed to be mailed out August 3, the day after the looming date the government could default on its debt.

“I cannot guarantee that those checks go out on August 3 if we have not resolved this issue, because there may simply not be the money in the coffers to do it,” Obama said.

Watch the clip below, embedded via CBS News.