{"id":2948,"date":"2012-01-18T18:05:14","date_gmt":"2012-01-19T02:05:14","guid":{"rendered":"http:\/\/savingtherepublic.com\/blog\/?p=2948"},"modified":"2012-01-18T18:05:14","modified_gmt":"2012-01-19T02:05:14","slug":"treasury-dips-into-pension-funds-to-avoid-debt","status":"publish","type":"post","link":"https:\/\/savingtherepublic.com\/blog\/2012\/01\/treasury-dips-into-pension-funds-to-avoid-debt\/","title":{"rendered":"Treasury Dips Into Pension Funds to Avoid Debt"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"alignleft\" title=\"GEITHNER\" src=\"http:\/\/s1.reutersmedia.net\/resources\/r\/?m=02&amp;d=20120117&amp;t=2&amp;i=559573419&amp;w=460&amp;fh=&amp;fw=&amp;ll=&amp;pl=&amp;r=BTRE80G1KWD00\" alt=\"\" width=\"270\" height=\"185\" \/>(<a href=\"http:\/\/www.reuters.com\/article\/2012\/01\/17\/us-usa-debt-treasury-idUSTRE80G20R20120117\">Reuters<\/a>) &#8211; The Treasury on Tuesday started dipping into federal pension funds in order to give the Obama administration more credit to pay government bills.<\/p>\n<p>&#8220;I will be unable to invest fully&#8221; the federal employees retirement system fund beginning Tuesday, Treasury Secretary Timothy Geithner said in a letter to Democratic and Republican leaders in Congress.<\/p>\n<p>The House of Representatives is expected to vote on Wednesday on the Obama administration&#8217;s request to raise the country&#8217;s legal debt limit to $16.394 trillion.<\/p>\n<p>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&#8217;s debt ceiling debacle will be averted.<\/p>\n<p>Geithner said Treasury started suspending reinvestments in a federal pension fund known as the G-Fund &#8212; 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.<\/p>\n<p>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&#8217;s laws.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Reuters) &#8211; The Treasury on Tuesday started dipping into federal pension funds in order to give the Obama administration more credit to pay government bills. &#8220;I will be unable to invest fully&#8221; the federal employees&#8230;<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true,"jetpack_social_options":[]},"categories":[344,5858],"tags":[5861,5862,3156,2257,5859,5860],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/savingtherepublic.com\/blog\/wp-json\/wp\/v2\/posts\/2948"}],"collection":[{"href":"https:\/\/savingtherepublic.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/savingtherepublic.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/savingtherepublic.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/savingtherepublic.com\/blog\/wp-json\/wp\/v2\/comments?post=2948"}],"version-history":[{"count":0,"href":"https:\/\/savingtherepublic.com\/blog\/wp-json\/wp\/v2\/posts\/2948\/revisions"}],"wp:attachment":[{"href":"https:\/\/savingtherepublic.com\/blog\/wp-json\/wp\/v2\/media?parent=2948"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/savingtherepublic.com\/blog\/wp-json\/wp\/v2\/categories?post=2948"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/savingtherepublic.com\/blog\/wp-json\/wp\/v2\/tags?post=2948"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}