WASHINGTON (Reuters) - The Treasury on Tuesday started dipping into federal pension funds in order to give the Obama administration more credit to pay government bills.
Treasury started suspending reinvestments in a federal pension fund known as the G-Fund in order to avoid hitting the country's $15.194 trillion debt limit.
"I will be unable to invest fully" the federal employees retirement system fund, beginning Tuesday, Treasury Secretary Timothy Geithner told Democratic and Republican leaders in Congress.
The House of Representatives is expected to vote Wednesday on the Obama administration's request to increase the debt limit by $1.2 trillion.
(Reporting By Rachelle Younglai; Editing by Chizu Nomiyama)
New Study of Young Adults Finds Link Between Casual Marijuana Use and Brain Abnormalities | Leah Barkoukis
Kansas Students and Parents Not Thrilled About Michelle Obama Speaking at High School Graduation Ceremony | Christine Rousselle
Obamaland: Where Cowboys are Villains and Race-Baiters, Gay Radicals and Marxists are Heroes | Doug Giles