U.S. Treasury begins more cash management measures due to debt limit

[yallerdawg]

This is kind of flying under the radar - for now.

Source: Reuters

U.S. Treasury Secretary Steven Mnuchin on Thursday announced further cash management measures to avoid a U.S. default.

In a letter to House of Representatives Speaker Paul Ryan, Mnuchin said that Treasury would no longer be able to fully invest in three retirement and investment funds for federal workers.

They are the Civil Service Retirement and Disability Fund, the Postal Service Retiree Health Benefits Fund, and the Government Securities Investment Fund of the Federal Employees' Retirement System, according to the letter.

All the funds would be made whole once the debt limit is increased, Mnuchin said. "Federal retirees and employees will be unaffected by these actions," he added.

A suspension of the debt limit by Congress, which had allowed normal borrowing to continue, expired on Wednesday.

The United States is one of only a few nations where the legislature must approve periodic increases in the legal limit on how much money the federal government can borrow.

http://www.reuters.com/article/us-usa-debt-limit-idUSKBN16N2P9

[bullimiami]

1. Belt tightening time. Cant fund workers funds. Doesn't affect payments to Mar-a-lago or

Trump hotel.

[denverbill]

2. I wonder what the Repukies will hold hostage this year to raise the debt limit.

Democrats should all vote no to force all the Republicans to vote for it. Don't let those bastards who have been wielding this over Obama for the last 8 years push any of this back on them. Would serve the Pukies right if they caused a government shutdown when they held Congress and the Presidency.

[yallerdawg]

3. Many Republicans have said...

the debt ceiling will not be raised without Democrats.

There is no telling what is going to happen.

[denverbill]

4. They need to own this shit.

If they shut down the government, it's not the Democrats' fault.

I would have to think that would be the most humiliating Congressional moment in recent history. Can't even keep the government open with full control of the legislative branch. 2018 would be devastating.