The West

US gov t borrows from staff pension fund

US Treasury Secretary Timothy Geithner says the government has begun borrowing from the federal employee pension fund to keep operating without surpassing its debt limit.

Geithner says in a letter to congressional leaders that the move will free up $US156 billion in borrowing authority while Congress debates increasing the $16.4 trillion debt limit.

The government reached its borrowing limit on December 31, but began using bookkeeping manoeuvres to keep from surpassing it.

Geithner has told congressional leaders that Treasury expects to exhaust those measures by mid-February to early March.

The latest action has been taken by other Treasury secretaries and will not put in jeopardy any monthly pension payments. Geithner said he will replace the funds removed from the pension account after the borrowing limit is raised.

The West Australian

Latest News From The West

West Coast have dodged an upset and a major bullet that could have derailed their top four prospects, snatching a six point win against Melbourne at Domain Stadium.

Fremantle are all but certain to finish in the bottom three for the first time since 2009 after suffering a 24-point defeat to Gold Coast at Metricon Stadium today.

Popular videos