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The Department of the Treasury Secretary Steve Mnuchin in a letter to House Speaker Paul Ryan said that he has taken an “extraordinary” measure in order to avoid hitting the debt ceiling, by stopping investments into a retirement fund for federal employees.
“I am writing to notify you…of my determination, that by reasons of the statutory debt limit, I will be unable invest fully the Government Securities Investment Fund (G Fund) of the Federal Employees’ Retirement System in interest bearing securities of the United States, beginning on or after December 12, 2017.”
Mnuchin urged for Congress to increase the debt ceiling limit as soon as possible so that the G fund “will be made whole” again.
See the letter in its entirety under our Important Information tab.
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