Snow Withholds Checks to the Retirement Accounts of Federal Workers
Hat tip tp Charles Patton for pointing out the MarketWatch account of how the Treasury Secretary has dodged the Federal debt ceiling again:
WASHINGTON (MarketWatch) – The U.S. Treasury acted Thursday to avoid hitting the national debt limit and said it’s “imperative” Congress raise the debt ceiling by the middle of March. Treasury is suspending reinvestment in the so-called “G-Fund,” an investment vehicle for a federal employees’ retirement system. The action will free up $65.266 billion, a Treasury spokeswoman said. “Without this action we would reach the debt limit today,” spokeswoman Brookly McLaughlin said Thursday.
Max Sawicky links to Sec. Snow’s letter to Congressman Rangel where the Treas. Sec. claims he has the authority to withhold the checks.