Treasury Department officials have begun to borrow against federal pension funds to meet the government's financial obligations because the country is expected on Monday to reach the limit of its borrowing authority from other sources under the $14.3 trillion debt ceiling.
In a letter to congressional leaders Monday, Treasury Secretary Timothy Geithner said he is suspending new investments in both the Civil Service Retirement and Disability Fund (CSRDF) and the Thrift Savings Plan G Fund, which is invested in federal securities. In addition, the department will redeem some of the investments held by the CSRDF, Geithner wrote.
The government in a state of desperation to fund itself has finally raided the pension fund of military and civilian workers (Thrift Savings Plan) How long until they come for your private 401K? Not long.
No comments:
Post a Comment