Brad DeLong asks a very good question as he links to a story by Edmund Andrews:
How is the U.S. government under Bush different from the management of United Airlines? United Airlines’ management is no longer making its payments to the employee pension fund. Bush is not only not making payments to the employee pension fund, they are snarfing back money from the pension fund to cover current operations…Why? Because the Republican congressional leadership is scared to go on record raising the amount of money the U.S. government is allowed to borrow before the election.
PBGC is already is difficult financial shape without this further undermining of pension retirement insurance.