Treasury Secretary Janet Yellen is taking another step to temporarily delay the US defaulting on its debt.
Less than a week after announcing that the nation hit its $31.4 trillion debt ceiling set by Congress, Yellen wrote to House Speaker Kevin McCarthy on Tuesday to say that she is adding to the extraordinary measures that will allow the government to keep paying its bills on time and stall the catastrophic economic and fiscal consequences of a default.
She will stop fully investing the Government Securities Investment Fund of the Thrift Savings Fund, part of the Federal Employees’ Retirement System, in interest-bearing securities of the US.
This is in addition to the measures announced last week, when Yellen said Treasury will begin to sell existing investments and suspend reinvestments of the Civil Service Retirement and Disability Fund and the Postal Service Retiree Health Benefits Fund.
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