{"id":26270,"date":"2023-01-19T16:24:51","date_gmt":"2023-01-19T16:24:51","guid":{"rendered":"https:\/\/one.sightlinemg.com\/federaltimes\/uncategorized\/2023\/01\/19\/treasury-department-now-taking-extraordinary-measures-on-debt\/"},"modified":"2026-08-18T20:55:51","modified_gmt":"2026-08-18T20:55:51","slug":"treasury-department-now-taking-extraordinary-measures-on-debt","status":"publish","type":"post","link":"https:\/\/one.sightlinemg.com\/federaltimes\/breaking-news\/2023\/01\/19\/treasury-department-now-taking-extraordinary-measures-on-debt\/","title":{"rendered":"Treasury Department now taking \u2018extraordinary measures\u2019 on debt"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">WASHINGTON (AP) \u2014 The Treasury Department says it has started taking \u201cextraordinary measures\u201d as the government has brushed up against its legal borrowing capacity of $38.381 trillion. The Department sent a letter to congressional leaders Thursday to that effect.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Frictions between President Joe Biden and House Republicans are raising alarms about whether the U.S. can sidestep a potential economic crisis.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Markets so far remain calm, as the government can temporarily rely on accounting tweaks to stay open. That means any threats to the economy are several months away. But this particular moment seems more fraught than past brushes with the debt limit.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Treasury Department on Thursday said in a letter to congressional leaders it has started taking \u201cextraordinary measures\u201d as the government has brushed up against its legal borrowing capacity of $38.381 trillion. An artificially imposed cap, the debt ceiling has been increased roughly 80 times since the 1960s.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Markets so far remain calm, given that the government can temporarily rely on accounting tweaks to stay open and any threats to the economy would be several months away. Even many worried analysts assume there will be a deal.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">But this particular moment seems more fraught than past brushes with the debt limit because of the broad differences between Biden and new House Speaker Kevin McCarthy, who presides over a restive Republican caucus.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Those differences increase the risk that the government could default on its obligations for political reasons. That could rattle financial markets and plunge the world\u2019s largest economy into a wholly preventable recession.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Biden and McCarthy, R-Calif., have several months to reach agreement as the Treasury Department imposes \u201cextraordinary measures\u201d to keep the government operating until at least June. But years of intensifying partisan hostility have led to a conflicting set of demands that jeopardize the ability of the lawmakers to work together on a basic duty.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Biden insists on a \u201cclean\u201d increase to the debt limit so that existing financial commitments can be sustained and is refusing to even start talks with Republicans. McCarthy is calling for negotiations that he believes will lead to spending cuts. It\u2019s unclear how much he wants to trim and whether fellow Republicans would support any deal after a testy start to the new Congress that required 15 rounds of voting to elect McCarthy as speaker.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Asked twice on Wednesday if there was evidence that House Republicans can ensure that the government would avert a default, White House press secretary Karine Jean-Pierre said it\u2019s their \u201cconstitutional responsibility\u201d to protect the full faith and credit of the United States. She did not say whether the White House saw signs at this stage that a default was off the table.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cWe\u2019re just not going to negotiate that,\u201d Jean-Pierre said. \u201cThey should feel the responsibility.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">McCarthy said Biden needs to recognize the political realities that come with a divided government. The speaker equates the debt ceiling to a credit card limit and calls for a level of fiscal restraint that did not occur under President Donald Trump, a Republican who in 2019 signed a bipartisan suspension of the debt ceiling.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cWhy create a crisis over this?\u201d McCarthy said this week. \u201cI mean, we\u2019ve got a Republican House, a Democratic Senate. We\u2019ve got the president there. I think it\u2019s arrogance to say, \u2018Oh, we\u2019re not going to negotiate about pretty much anything\u2019 and especially when it comes to funding.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Any deal would need to pass the Democratic-run Senate. Many Democratic lawmakers are skeptical about the ability to work with Republicans aligned with the \u201cMake America Great Again\u201d movement started by Trump. The MAGA movement has claimed that the 2020 election lost by Trump was rigged, a falsehood that contributed to the Jan. 6, 2021, insurrection at the U.S. Capitol.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cThere should be no political brinkmanship with the debt limit,\u201d said Senate Majority Leader Chuck Schumer, D-N.Y. \u201cIt\u2019s reckless for Speaker McCarthy and MAGA Republicans to try and use the full faith and credit of the United States as a political bargaining chip.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In order to keep the government open, the Treasury Department on Thursday was making a series of accounting maneuvers that would put a hold on contributions and investment redemptions for government workers\u2019 retirement and health care funds, giving the government enough financial space to handle its day-to-day expenses until roughly June.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">What happens if these measures are exhausted without a debt limit deal is unknown. A prolonged default could be devastating, with crashing markets and panic-driven layoffs if confidence evaporated in a cornerstone of the global economy, the U.S. Treasury note.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Analysts at Bank of America cautioned in a report last week that \u201cthere is a high degree of uncertainty about the speed and magnitude of the damage the U.S. economy would incur.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The underlying challenge is that the government would have to balance its books on a daily basis if it lacks the ability to issue debt. If the government cannot issue debt, it would have to impose cuts equal in size on an annual basis to 5% of the total U.S. economy. Analysts say their baseline case is that the U.S. avoids default.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Still, if past debt ceiling showdowns such as the one that occurred in 2011 are any guide, Washington may be in a nervous state of suspended animation with little progress until the \u201cX-date,\u201d the deadline when the Treasury\u2019s \u201cextraordinary measures\u201d are depleted.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Unlike the 2011 showdown, the Federal Reserve is actively raising interest rates to lower inflation and is rolling off its own holdings of U.S. debt, meaning that recession fears are already elevated among consumers, businesses and investors.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Biden administration officials have said they will not prioritize payments to bondholders if the country passes the \u201cX-date\u201d without an agreement. Over the years, officials have studied this emergency option, which Treasury officials across administration have said is unworkable because of the government\u2019s payments system.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cTo some extent, the \u2018extraordinary measures\u2019 are the backup plan, and once those are exhausted the next step is a major question mark,\u201d economists at Wells Fargo wrote in a Thursday analysis.<\/p>\n\n\n\n<h1 class=\"wp-block-heading\">What federal employees should understand about debt and retirement savings<\/h1>\n\n\n\n<p class=\"wp-block-paragraph\">The Civil Service Retirement and Disability Fund is <a href=\"https:\/\/treasurydirect.gov\/help-center\/public-debt-faqs\/\">invested<\/a> in special-issue Treasury securities, which count against the debt limit. The same is true for the <a href=\"https:\/\/home.treasury.gov\/system\/files\/136\/Description-of-Extraordinary-Measures-Aug2021.pdf\">G Fund<\/a> of the Thrift Savings Plan, which is invested in short-term Treasury securities.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In the 1980s, Treasury was given the power to pause reinvestment of all or some of the G Fund if doing so meant pushing the debt past the ceiling.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Once the potential crisis passes, the Treasury is required to make the funds \u201cwhole,\u201d meaning lost interest will be restored on the next regularly scheduled interest payment date on the held securities.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cThe good news is that it\u2019s just an accounting gimmick; the tactic does not affect the payment of annuities, health benefits, or loans or withdrawals from the TSP,\u201d according to the <a href=\"https:\/\/www.narfe.org\/advocacy\/issue-briefs-and-fact-sheets\/debt-limit-frequently-asked-questions\/\">National Active and Retired Federal Employees Association<\/a> website.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Benefits for retired and disabled federal employees would not be affected by these measures and would continue to be paid.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The TSP previously assured the public that \u201cG Fund investors remain <a href=\"https:\/\/www.tsp.gov\/exit\/?idx=168\">fully protected<\/a> and G Fund earnings are fully guaranteed by the federal government.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cThis statutory guarantee has effectively protected G Fund investors many times over the past 25 years,\u201d it said in a May 2017 <a href=\"https:\/\/www.tsp.gov\/plan-news\/2017-03-16-g-fund-and-the-debt-limit\/\">notice<\/a>. \u201cG Fund account balances will continue to accrue earnings and will be updated each business day, and loans and withdrawals will be unaffected.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><i>Editor\u2019s Note: Federal Times reporter Molly Weisner contributed reporting to this Associated Press story. AP writer Lisa Mascaro contributed to this story.<\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The TSP previously assured the public that \u201cG Fund investors remain fully protected and G Fund earnings are fully guaranteed by the federal government.\u201d<\/p>\n","protected":false},"author":7,"featured_media":74785,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_yoast_wpseo_meta-robots-noindex":"","_yoast_wpseo_meta-robots-nofollow":"","_yoast_wpseo_canonical":"","_acf":"","_yoast_wpseo_primary_category":34,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","_smg_distribution_targets":[]},"categories":[34,31,15,33,9,69],"tags":[8451],"coauthors":[721],"class_list":["post-26270","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-breaking-news","category-home","category-management","category-newsletters","category-federal-oversight","category-pay-benefits","tag-retirement"],"acf":{"subheadline":"","legacy_arc_id":"6YBVTZZUWFEIHH4JXTKGQLD67E","arc_canonical_url":"\/breaking-news\/2023\/01\/19\/treasury-department-now-taking-extraordinary-measures-on-debt\/","remove_feature_photo":false,"is_sponsored":false,"subtype":"","redirect_url":"","disable_inline_ads":false,"native_logo_pretext":"Presented By:"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.0 (Yoast SEO v28.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Treasury Department now taking \u2018extraordinary measures\u2019 on debt - Federal Times<\/title>\n<meta name=\"description\" content=\"The TSP previously assured the public that \u201cG Fund investors remain fully protected and G Fund earnings are fully guaranteed by the federal government.\u201d\" \/>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Treasury Department now taking \u2018extraordinary measures\u2019 on debt\" \/>\n<meta property=\"og:description\" content=\"The TSP previously assured the public that \u201cG Fund investors remain fully protected and G Fund earnings are fully guaranteed by the federal government.\u201d\" \/>\n<meta property=\"og:url\" content=\"https:\/\/one.sightlinemg.com\/federaltimes\/breaking-news\/2023\/01\/19\/treasury-department-now-taking-extraordinary-measures-on-debt\/\" \/>\n<meta property=\"og:site_name\" content=\"Federal Times\" \/>\n<meta property=\"article:published_time\" content=\"2023-01-19T16:24:51+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-08-18T20:55:51+00:00\" \/>\n<meta name=\"author\" content=\"Josh Boak\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Josh Boak\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\n\t    \"@context\": \"https:\\\/\\\/schema.org\",\n\t    \"@graph\": [\n\t        {\n\t            \"@type\": 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