your money at work
Indebted
By Karen Rutzick
krutzick@govexec.com
Federal employees once again are bailing the United States out of a sticky debt situation. Treasury Secretary John Snow told Congress last week that the country was perilously close to reaching its debt ceiling, forcing him to dip into federal employee retirement savings to keep government operations running.
Specifically, until Congress raises the $8 trillion federal debt limit, Snow is freezing some reinvestments of the Thrift Savings Plan's government securities (G) fund.