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Strategies & Market Trends : Rande Is . . . HOME
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To: Rock_nj who wrote (57375)3/8/2006 12:07:52 PM
From: Bucky Katt  Read Replies (1) of 57584
 
They are doing it> Retirement Fund Tapped to Avoid National Debt Limit.
The Treasury Department has started drawing from the civil service pension fund to avoid hitting the $8.2 trillion national debt limit. The move to tap the pension fund follows last month's decision to suspend investments in a retirement savings plan held by government employees.

In a letter to Congress this week, Treasury Secretary John W. Snow said he would rely on the Civil Service Retirement and Disability Fund to avoid bumping up against the statutory debt limit. He said the Treasury is suspending investments and will redeem a portion of the money credited to the fund.
washingtonpost.com
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