The Treasury Department announced it is suspending contributions to the Federal Thrift Savings Plan in an effort to conserve cash while the U.S. government waits for Congress to raise the national debt limit. Treasury Secretary Timothy Geithner said in a letter to congressional leaders that because of the statutory debt limit, he is “unable to invest fully” the required $156 billion into the Government Securities Investment Fund, commonly known as the G Fund. This action has been taken during previous debt limit impasses. This measure is temporary and once the debt ceiling is raised on time, federal workers and retirees will be reimbursed for any shortfalls.
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