Democratic Underground - U.S. curbs fund investments to avoid debt ceiling

Reply #61: U.S. curbs fund investments to avoid debt ceiling [View All]

UpInArms

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Thu Feb-16-06 11:13 AM
Response to Reply #54

61. U.S. curbs fund investments to avoid debt ceiling

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2006-02-16T160452Z_01_WBT004803_RTRIDST_0_ECONOMY-TREASURY-DEBT-URGENT.XML

WASHINGTON, Feb 16 (Reuters) - The U.S. Treasury said on Thursday it will not fully invest in two government funds effective immediately to avoid hitting the $8.18 trillion statutory limit on government debt.

In a letter to Senate Republican leader Bill Frist, Treasury Secretary John Snow said the Treasury would stop fully investing in the Government Securities Investment Fund and the Federal Employees' Retirement System in special interest-bearing Treasury securities.

Treasury spokeswoman Brookly McLaughlin said the government would have reached the debt limit had it not been for Treasury's action.

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Reply #61: U.S. curbs fund investments to avoid debt ceiling [View All]