https://www.theepochtimes.com/...FdKiWwwapaEyrJEuUjGA

Treasury Secretary Janet Yellen on Monday announced a series of so-called “extraordinary measures” the department is taking to give the federal government more room to spend under a reimposed debt cap.

Yellen detailed the emergency maneuvers—chiefly pausing investments in certain government employee pension funds—in an Aug. 2 letter to congressional leaders that came as a two-year suspension of the federal debt ceiling expired.

The reimposed borrowing limit caps the federal debt at the current level of around $28.5 trillion, restricting the government’s ability to raise additional funds by selling government securities. The reinstated ceiling has forced Yellen, like her predecessors in prior administrations, to resort to emergency measures to allow the Treasury to keep meeting federal debt obligations.

Yellen said in the letter she was suspending investments in the Civil Service Retirement and Disability Fund and the Postal Service Retiree Health Benefits Fund that are not immediately required to pay beneficiaries. She also said the extraordinary measures would involve suspending daily reinvestments in the federal retirement “G-Fund,” with all the emergency measures going into effect Monday.

Federal retirees and employees will not be impacted by the moves and, once the debt ceiling is increased or suspended, all the affected funds will be made whole, Yellen said.

The Congressional Budget Office (CBO) has estimated that the emergency measures could claw back more than $340 billion in borrowing capacity under the newly reimposed debt cap, with the bulk—nearly $300 billion—from suspending “G-Fund” reinvestment.

CBO said these actions, combined with the Treasury’s current cash balance of about $450 billion, would allow the government to avoid a payment default into October or November as a partisan fight unfolds over a new suspension or increase in the debt cap.

Renewing her calls for lawmakers to expand the government’s ability to borrow more money, Yellen said in her letter, “I respectfully urge Congress to protect the full faith and credit of the United States by acting as soon as possible.”

Yellen in June pleaded with congressional representatives at a Senate Appropriations subcommittee hearing to raise the legal cap on how much the government can owe, warning that if they don’t agree, there could be “absolutely catastrophic economic consequences.”

Raising the debt ceiling would require buy-in from at least 10 Senate Republicans to overcome the filibuster. Some GOP senators have said it’s unlikely their caucus will back boosting the cap unless some spending reform measures are adopted.

Republicans have been vocal in their opposition to the Biden administration’s big-ticket spending proposals, with President Joe Biden’s full budget proposal for fiscal year 2022 totaling around $6 trillion.

A standoff on raising the debt ceiling in 2011 resulted in the first downgrade on a portion of the federal government’s AAA-bond rating by rating company Standard & Poor’s.

'Renewing her calls for lawmakers to expand the government’s ability to borrow more money, Yellen said in her letter, “I respectfully urge Congress to protect the full faith and credit of the United States by acting as soon as possible.” '

Yellen in June pleaded with congressional representatives at a Senate Appropriations subcommittee hearing to raise the legal cap on how much the government can owe, warning that if they don’t agree, there could be “absolutely catastrophic economic consequences.”

If Mrs. Flash or I had any kind of government pension, Federal, State, County or City where the money wasn't managed by an independent entity, I'd be very worried right now.

I am very worried. Both my wife and I have federal pensions. And the feds are stealing from the funds.

while the borrowing is certainly troublesome.

I have little sympathy for those who for decades helped keep those in power running their government pension scams that saddled the good hardworking private sector Americans with funding these pensions and the crooks running them.

What the hell did you expect?
Complain all you want now.

Sorry, you reap what you sow.

doesn't matter at all what the debt is

there was never any intention to pay it back

I wouldn’t worry about a fed pension. But they need to stop the new people coming in from getting a pension and flip them to a 401k only type plan. I WOULD be worried if I had a state or city pension like a city in CA. I’d be even more worried if I had a corporate pension.

[QUOTE]Originally posted by ElToro:
they need to stop the new people coming in from getting a pension.

Haha, spoken just like the guy who is getting paid now. Who is paying your benefit now?

I got news for you.
They want you to croak. You are nothing but a liability and are now against their scam.

Simply how the scam works. And has always worked.

quote:

Originally posted by nhtagmember:
doesn't matter at all what the debt is

there was never any intention to pay it back

They (FedGov, FedRes, bankers, etc) will do what all other countries (Germany, Hungary, France, Austria, Argentina, etc.) have done when faced with out-of-control inflation; currency revaluation and/or introduction of a new currency (Old/Greenback $100 = New/Continental $1).

The old “Kick the can down the road” tactic.

Those making the decisions are ones that will be getting government pensions.
What do you think will happen?

Funds will be taken from everyone to pay for the government pensions.
Those with 401K’s will be paying the largest portion of the bill.

But hey this is working as planned, always put people in groups and pit them against each other so that the political elites can remain in power.

Time to buy real assets.