Thursday, October 14, 2004
Bush administration takes emergency steps to avoid debt ceiling
So, after attacking Kerry over hitting the debt ceiling, the Bush administration has no choice but to cheat.
posted by lazarus |
US President George W. Bush's administration weathered a pre-election mauling as it announced emergency measures to skirt a 7.38-trillion-dollar debt limit.
Treasury Secretary John Snow said he would use pension money to keep the government running.
In a letter to Senate majority leader Bill Frist, Snow said he was immediately suspending payments to a federal employees' retirement scheme, the Government Securities Investment Fund (G-Fund).
The missing money would be repaid in full later, with no net effect on the fund or retirees, he promised.
San Diego tried this little maneuvre a few years ago, and they still haven't recovered.