Treasury stops G Fund payments
By Hazel Bradford | January 15, 2013 5:02 pm
Treasury Secretary Timothy Geithner notified congressional leaders Tuesday that the government is suspending payments into the Federal Thrift Savings Plan's $158.52 billion Government Securities Investment Fund, known as the G Fund.
“By reason of the statutory debt limit, I will be unable to invest fully” in the G Fund, Mr. Geithner wrote in a letter addressed to Senate and House leaders involved in the federal debt ceiling debate.
“Both my predecessors and I have taken this suspension action during previous debt limit impasses. By law, the G Fund will be made whole once the debt limit is increased. Federal retirees and employees will be unaffected by this action,” Mr. Geithner wrote.