Us Taps Pension Fund To Avoid Passing Debt Limit

[Okieboy]

WASHINGTON (AP) -- Treasury Secretary Timothy Geithner says the government has begun borrowing from the federal employee pension fund to keep operating without surpassing its debt limit.

Geithner says in a letter to congressional leaders that the move will free up $156 billion in borrowing authority while Congress debates increasing the $16.4 trillion debt limit.

The government reached its borrowing limit on Dec. 31, but began using bookkeeping maneuvers to keep from surpassing it. Geithner has told congressional leaders that Treasury expects to exhaust those measures by mid-February to early March.

The latest action has been taken by other Treasury secretaries and will not put in jeopardy any monthly pension payments. Geithner said he will replace the funds removed from the pension account after the borrowing limit is raised. T

they did the same thing with social security and it has not been replaced

[Mike S]

Treasury Secretary Timothy Geithner says the government has begun borrowing from the federal employee pension fund to keep operating without surpassing its debt limit.

Hummmmmmm .... can you say deja vu ...... bye bye federal employee pension fund ....... isn't that what the BB (Bright Ba*tards) said about the SS program when they stole all the money from it ???????? ..... I just read a great article about the fact that the SSDI is one of the biggest reasons the SS is now broke .... it seems that they are also paying for the extended unemployment benefits ..... some double the original weeks allowed to the unemployed ..... and it comes right out of the SS funds ..... the SS was never designed to fund any kind of SSDI program ..... just go to their website and read ALL the so called conditions which can qualify you for SSDI ..... it will make you sick ..... why should those of us that have paid in for 50+ years pay for services that the federal government SHOULD be paying for ...... if they wanted an SSDI program they should have made provesions for it using tax payers money not take it from the SS funds ......... and they are now calling the SS system and entitlement .....

Definition of entitlement ................

An entitlement is a guarantee of access to benefits based on established rights or by legislation. A "right" is itself an entitlement associated with a moral or social principle, such that an "entitlement" is a provision made in accordance with legal framework of a society. Typically, entitlements are laws based on concepts of principle ("rights") which are themselves based in concepts of social equality or enfranchisement.

In a casual sense, the term "entitlement" refers to a notion or belief that one (or oneself) is deserving of some particular reward or benefit if given without deeper legal or principled cause, the term is often given with pejorative connotation (e.g. a "sense of entitlement").

Entitlement my sweet a*s ..... I paid into the system and my employers paid into the system FOR ME ..... that money is mine for my retirement ..... not to be given to some idiot who sits on his a*s and does nothing but draw a paycheck every 2 weeks ..... oh well it is about to collapse anyway as they have found out that the money is going out faster than they expected ...... geeeeeeee ....... imagine that and at the new rate it will only last about 10 years or less ..... I'm betting on less .......

You will also please note that when ever the government gets into financial trouble and can't pay it's obligations the first thing they say is that the SS pay and Military pay maybe delayed ..... never the food stamp .... government hand-outs .... free cell phone program .... or free housing will be delayed ...... and above all YOU NEVER hear that the House and Senate will NOT GET THEIR CHECKS ON TIME ......

Well I got that out of my system .... not that it matters anyway ..... at least here in the Phils I can raise chickens and grow a few vegetables all year long ..... :508: ....... :cheersty:

Edited January 17, 2013 by Jollygoodfellow
- removed a ton of external links from copy and paste. Use paste as plain text to solve this.

[Will]

Geithner said he will replace the funds removed from the pension account after the borrowing limit is raised

Buncha' CROOK$!! :(

[sonjack2847]

Sounds a bit like what happened with the pension fund in the UK a few years ago.

[Okieboy]

And what will happen when they cannot borrow anymore money, how will they replace what they have taken, like social security with an IOU

[i am bob]

They did that in Canada a while back too - all Public Service pensions I believe.

That is why they do stupid things like claw back from my military pension what I will get from my Canada pension (senior's pension).

:th_unfair:

[JJReyes]

I hate to disappoint everyone, but all the money contributed to Social Security and Medicare from your payroll checks are also an illusion. The federal government issues an I.O.U. promissory note and the US Congress promptly spends the money. It has been going on for years. There is no money. This is the reason why the government needs to continually borrow using the "Borrow from Peter to pay Paul," economic principal. 60 Minutes had a segment on Social Security. When asked about the money, the administrators showed them a vault with filing cabinets filled with I.O.U. certificates from the US Treasury.

A success story, which the media does not want to talk about, is Singapore. Contributions to their Social Security fund is segegrated and the money loaned to developers of high-rise residential complexes. The public buys the units using low-cost government loans. Everyone is happy and prosperous.

Edited January 18, 2013 by JJReyes