Heads Up, Federal Retirees, Obama and Geithner are Tapping Your Retirement Fund
Nothing to worry about, though, it’s a loan and not a confiscation. You have no problem lending your retirement to someone who is over fourteen trillion dollars in debt, right …?
The Obama administration will begin to tap federal retiree programs to help fund operations after the government loses its ability Monday to borrow more money from the public, adding urgency to efforts in Washington to fashion a compromise over the debt.
Treasury Secretary Timothy F. Geithner has warned for months that the government would soon hit the $14.3 trillion debt ceiling — a legal limit on how much it can borrow. With the government poised to reach that limit Monday, Geithner is undertaking special measures in an effort to postpone the day when he will no longer have enough funds to pay all of the government’s bills.