Monday, May 16, 2011

Treasury Tapping Federal Retirement Accounts to Stave Off Default


Uncle Sam is about to start borrowing from his nieces and nephews to stave off the immediate threat of default. 
Treasury Secretary Tim Geithner has informed members of Congress that, with the U.S. government reaching its $14.3 trillion debt ceiling Monday, his department will have to turn to a string of last-resort measures so that the government can keep paying its bills. At the top of the list is a plan to suspend investments to two government employee retirement funds, while borrowing from one of them. Treasury Secretary Timothy Geithner is pictured at a briefing at the Treasury Department in Washington May 13.
They just can't help themselves!

Read more: http://www.foxnews.com/politics/2011/05/16/government-hits-debt-ceiling-treasury-urges-lawmakers-reach-budget-deal/#ixzz1MYpRbJyv

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