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Government Will Borrow From Federal Employee Pension Fund to
by Cobra478 on Thu Jan 17, 2013 8:56 am
Government Will Borrow From Federal Employee Pension Fund to Avoid Passing Debt Limit
Treasury Secretary Timothy Geithner said that the government has begun borrowing from the federal employee pension fund (the G fund) to keep operating without passing the approaching debt limit.
The move will free up $156 billion in borrowing authority while the debt limit debates proceed in Congress. Geithner said that he will replace the money in the fund after the borrowing limit is raised. That of course assumes Congress comes to an agreement soon and does, in fact, raise the debt ceiling.
http://www.fedsmith.com/2013/01/15/gove ... ebt-limit/
Treasury Secretary Timothy Geithner said that the government has begun borrowing from the federal employee pension fund (the G fund) to keep operating without passing the approaching debt limit.
The move will free up $156 billion in borrowing authority while the debt limit debates proceed in Congress. Geithner said that he will replace the money in the fund after the borrowing limit is raised. That of course assumes Congress comes to an agreement soon and does, in fact, raise the debt ceiling.
http://www.fedsmith.com/2013/01/15/gove ... ebt-limit/
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