US Treasury secretary says he has begun tapping federal retiree pension fund to avoid default

  • Article by: MARTIN CRUTSINGER , Associated Press
  • Updated: May 20, 2013 - 7:52 PM

WASHINGTON - Treasury Secretary Jacob Lew said late Monday he will begin tapping into two government employee retirement funds to buy more time before the U.S. Treasury is faced with the prospect of defaulting on the national debt.

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fwallenMay. 22, 13 8:41 AM

When will bureaucrats learn they can't keep playing games? They can't cut very visible services like parks, camp sites, and police, or juggle money around instead of cutting expenses. It is way past time for zero based budgeting. We have to get away from just bringing more money to the same, often failing, programs. When?

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jcinmnMay. 22, 13 8:45 PM

fwallen "When will bureaucrats learn they can't keep playing games? They can't cut very visible services like parks, camp sites, and police, or juggle money around instead of cutting expenses. It is way past time for zero based budgeting. We have to get away from just bringing more money to the same, often failing, programs. When" When Americans realize that they cannot be the world's cop. All of our national debt is due to our warring nature from WWII to Afghanistan and everywhere between. LBJ proved that we cannot have guns and butter but Reagan forgot it (he forgot a lot) and GWB denied it. The active military has to be cut back to a bare minimum beefed up by the states' militias just as Thomas Jefferson designed it during his presidency.

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garagewineMay. 23, 13 2:52 PM

Don't feel too bad for the federal retirees. The government is just doing the same thing to them that they did to the Social Security Trust Fund.

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squeezemeMay. 24, 1310:18 PM

No recipient of welfare cash payments, food stamps, or free Obama cell phones had anything cut. This is 100% Democratic Party. Obama is closing in on $6 TRILLION in borrowing since he took office and when Obamacare hits--that number is going to soar.

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