Saturday, October 16, 2004
US to use federal pension to fight debt
The Bush administration has now created so much debt that they are raiding government employee's pension funds.
President George Bush's administration has weathered a pre-election mauling by announcing emergency measures to skirt a $7.38-trillion debt limit. US
Treasury Secretary John Snow said he would use pension money to keep the government running.
In a letter to US Senate majority leader Bill Frist on Thursday, Snow said he was immediately suspending payments to a federal employees' retirement scheme, the Government Securities Investment Fund (G-Fund).
...Democrats pounced on the news as evidence of fiscal mismanagement by the administration, less than three weeks before Bush faces Democratic challenger Senator John Kerry in the 2 November presidential election.
"George Bush continues to make history for all the wrong reasons: He's the first president to go without creating a new job since the Great Depression and now he's run up more debt in [a] shorter period of time than all the presidents combined in the 200 years from
through Reagan," said Kerry campaign spokesman Phil Singer. Washington
"On top of that, this is the third time he's broken his promise not to raise the debt ceiling.