Topic: Treasury dips into pension funds to avoid debt
Sojourning_Soul's photo
Wed 01/18/12 07:34 AM
Edited by Sojourning_Soul on Wed 01/18/12 07:34 AM
The Banksters are at it again! Gietner is now attaking their own people (the working class....not the congress!)!

http://news.yahoo.com/treasury-dips-pension-funds-avoid-debt-limit-202850021.html

Treasury dips into pension funds to avoid debt
Reuters – 15 hrs ago

WASHINGTON (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.


boredinaz06's photo
Wed 01/18/12 08:46 AM



Everything about this fraud is depressing, then there's the rest of the gubment!