WASHINGTON (MarketWatch) — Treasury Secretary Jacob Lew told Congressional leaders Monday that he is taking two extraordinary measures to avoid hitting the debt limit. In a letter, Lew said he will suspend debt issuance for the Civil Service Retirement and Disability Fund and not invest fully in the Government Securities Investment Fund of the Federal Employees’ Retirment System. Lew said that the actions were taken “during previous debt-limit impasses,” and that both funds “will be made whole once the debt limit is increased.” Federal retirees and employees will be unaffected by these actions, he said.
Social Security being shut down for 62 hours starting 2/15/14
The Social Security computer system will be down from 3 p.m. EST (2000 GMT) on Saturday until 5 a.m. EST (1000 GMT) on Tuesday, February 18, CMS said. CMS said those who have already completed an application will still able to shop or select a plan through the website.
The Next 24 Hours May Be Critical For The Debt Ceiling
House Republicans will hold a special meeting Monday night to determine their path forward on the debt ceiling, and it’ll be crucial for a deal before the Feb. 27 deadline.
Though House Republicans aren’t putting up a fight with President Barack Obama and Democrats this time around, there’s a simple reason this meeting will be key — time.
As in, there’s not a lot of time left before that deadline. The House are only in session for three days this week, before House Democrats go on their annual strategy retreat. The next full day that Congress is scheduled to be in session is Feb. 26 — one day before the “drop-dead date,” after which Treasury Secretary Jack Lew has said the Treasury will have trouble meeting all of its obligations.
The irony in this debt ceiling fight is that, unlike almost every other fiscal battle since 2011, House Republicans are actively campaigning against a fight with Obama and Democrats. Even the most raucous members of the caucus are urging leadership to avoid “theater.”
Credit to Investmentwatchblog.com
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