The Briefing Room
General Category => Politics/Government => Topic started by: mystery-ak on January 19, 2023, 03:42:30 pm
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Treasury resorts to ‘extraordinary measures’ after US hits debt limit
by Aris Folley - 01/19/23 10:25 AM ET
Treasury Secretary Janet Yellen on Thursday notified congressional leaders that her office will begin to implement so-called “extraordinary measures” to keep the U.S. government from defaulting on its debt.
The nation’s debt climbed to more than $31.4 trillion this week, federal financial data show, crossing the threshold set by Congress when it last raised the nation’s borrowing limit more than a year ago.
To avoid a default, Yellen previously detailed emergency measures her department would prepare in order to stave off a default.
Those measures include temporarily redeeming existing and suspending new investments of the Civil Service Retirement and Disability Fund and the Postal Service Retiree Health Benefits Fund.
Yellen also pointed to “suspending reinvestment of the Government Securities Investment Fund (G Fund) of the Federal Employees Retirement System Thrift Savings Plan” as another course of action in a letter last week.
–Developing
https://thehill.com/policy/finance/3819480-treasury-resorts-to-extraordinary-measures-to-keep-the-us-from-debt-default/
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Government Securities Investment Fund (G Fund) Well that will effect us. But that fund performs so poorly I will hardly notice a difference. Screw you Janet.
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'Extraordinary measures' = 'Not spending money you don't have'
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To avoid a default, Yellen previously detailed emergency measures her department would prepare in order to stave off a default.
Those measures include temporarily redeeming existing and suspending new investments of the Civil Service Retirement and Disability Fund and the Postal Service Retiree Health Benefits Fund.
Yellen also pointed to “suspending reinvestment of the Government Securities Investment Fund (G Fund) of the Federal Employees Retirement System Thrift Savings Plan” as another course of action in a letter last week.
So government itself isn't going to make any cut backs. Everyone still shows up for work and collects their salaries.