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The U.S. Treasury Division will droop authorities pension and medical health insurance funds if debt limits are reset

US Treasury Secretary Janet Yellen answers questions at a Senate Expenditures Committee hearing on the 23rd. REUTERS / FILES via Greg Nash / Pool

August 2, 2021

David Loader

Washington (Reuters) – US Treasury Secretary Janet Yellen on Monday is taking additional steps to maintain federal borrowing capacity under reintroduced debt restrictions by suspending severance payments to civil servants and investing in health insurance funds.

In a letter to House Speaker Nancy Pelosi and other MPs, Jellen stopped investing in the Civil Service Pension Fund and the Postal Services Pension Fund, which do not require immediate payment to beneficiaries. He said he did.

The two-year federal debt ceiling suspension ended Saturday and peaked at the current debt level of around $ 28.5 trillion.

The Congressional Budget Office has estimated that special measures could reclaim more than $ 340 billion in credit capacity under constraints. Combining these measures with the Treasury’s current cash balance of approximately $ 459 billion, the CBO will pay in October or November while the government battles for a new suspension or higher debt ceiling. He said that payment defaults could be avoided.

Yellen warned Congress in late July. The deadline is October 1, and the government could expect a $ 150 billion mandatory payment by the beginning of fiscal year 2022.

Yellen’s letter on Monday did not contain a new schedule for the duration of the special measures, including a suspension of daily reinvestments in the federal pension fund “G-Fonds”.

“I honorably urge Congress to protect the full trust and credibility of the United States by acting as swiftly as possible,” Yellen wrote.

If Congress approves a new credit limit, the Treasury Department is required by law to fund it in full.

(Report by David Lawder; Edited by Richard Pullin)

The U.S. Treasury Department will suspend government pension and health insurance payments if debt limits are reset

Source link The US Treasury Department will suspend government pension payments and health insurance if debt limits are reset

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