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US Treasury Dep't Dips Into Pension Funds To Avoid Debt Limit

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You can't make this $hit up.  cwm27.gif



 



 



Quote:



http://www.reuters.com/article/2012/01/17/us-usa-debt-treasury-idUSTRE80G20R20120117



 



Treasury dips into pension funds to avoid debt



 



WASHINGTON | Tue Jan 17, 2012 6:35pm EST



 



(Reuters) - The Treasury on Tuesday started dipping into federal pension funds in order to give the Obama administration more credit to pay government bills.



 



"I will be unable to invest fully" the federal employees retirement system fund beginning Tuesday, Treasury Secretary Timothy Geithner said in a letter to Democratic and Republican leaders in Congress.



 



The House of Representatives is expected to vote on Wednesday on the Obama administration's request to raise the country's legal debt limit to $16.394 trillion.



 



However, unless the lower chamber and the Senate are able to shore up enough votes to block the White House request, the debt limit will be increased by $1.2 trillion next Friday and a repeat of last year's debt ceiling debacle will be averted.



 



Geithner said Treasury started suspending reinvestments in a federal pension fund known as the G-Fund -- a tool Treasury has had to employ six times over the past 20 years in order to keep the country below the statutory debt limit.



 



The Treasury Department has already tapped another seldom-used fund in order to allow the government to continue borrowing without running afoul of the country's laws.






 


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so there is that much in those pension funds huh?

 

we gotta end pensions..........ya just cant pay people to not work.

 

oh btw........im utterly and completely against rasining the debt ceiling again.

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I see this as a conspiracy to force huge tax increases to meet these obligations when they come due. It is just another end run around Congress, and is despicable, reprehensible, and absolutely impeachable, by my reckoning. I'm wondering if this country can survive another year under this twit of a Caesar, who thinks he is Christ Incarnate, ruling his Executive fiefdom. 11/12 can't come fast enough for me. :mad:

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Quote:

Originally Posted by John M View Post

 

so there is that much in those pension funds huh?

 

we gotta end pensions..........ya just cant pay people to not work.

 

oh btw........im utterly and completely against rasining the debt ceiling again.

 

Racist!  moon.gif

 

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Geithner said Treasury started suspending reinvestments in a federal pension fund known as the G-Fund -- a tool Treasury has had to employ six times over the past 20 years in order to keep the country below the statutory debt limit.

 

 

:wee: Gee, a G-fund for G-men. :wee:

 

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