The Treasury Department today suspended investments for the Federal Employees Retirement System's $56 billion Government Securities Investment Fund, or G-Fund, in special interest-bearing Treasury securities to avoid breaching the statutory public debt limit, according to a letter from Treasury Secretary John W. Snow to Senate Majority Leader Bill Frist. Mr. Snow wrote that the G-Fund "will receive complete restoration of all funds temporarily affected by this necessary action," including any interest, after Congress raises the $7.384 trillion debt limit. Total U.S. public debt subject to the limit was roughly $7.374 trillion as of Tuesday, according to a U.S. Treasury filing.
"Given current projections, it is imperative that the Congress take action to increase the debt limit by mid-November," Mr. Snow wrote.
Amy Call, Mr. Frist's press secretary, said the senator has no comment on the matter at this time.