This is what the tea party has been warning you about...
Treasury Tapping Federal Retirement Accounts to Stave Off Default
Uncle Sam is about to start borrowing from his nieces and nephews to stave off the immediate threat of default.
Treasury Secretary Tim Geithner has informed members of Congress that, with the U.S. government reaching its $14.3 trillion debt ceiling Monday, his department will have to turn to a string of last-resort measures so that the government can keep paying its bills. At the top of the list is a plan to suspend investments to two government employee retirement funds, while borrowing from one of them.
Geithner stressed that the move will not affect federal workers and retirees and that the accounts will be "made whole" once the debt limit is increased. But he ratcheted up his call for Congress to take action soon READ MORE...
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