Economy

Demeter

(85,373 posts)

6. In latest debt-ceiling move, Treasury to tap Thrift Savings Plan money

Thu Jan 17, 2013, 07:38 AM

Jan 2013

http://www.washingtonpost.com/business/economy/in-latest-debt-ceiling-move-treasury-to-tap-thrift-savings-plan-money/2013/01/15/01d23d86-5f66-11e2-b05a-605528f6b712_story.html

The Treasury Department said Tuesday it would begin tapping civil service retirement funds because Congress has not raised the federal debt ceiling, the latest reminder that time is running out before the government is at risk of defaulting on the national debt.

The action will allow the government to spend $156 billion that otherwise would have been invested in the federal Thrift Savings Plan. As a result of that action and others the Treasury is taking, Congress has until between mid-February and early March to raise the $16.4?trillion debt limit.

So long as the debt ceiling is raised on time, federal workers and retirees should not be affected....

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