Zerohege reports today that Turbo Tim and friends have skipped the mandatory quarterly funding of federal employee retirement funds, and instead, have disinvested ("borrowed") another $20 billion OUT of those same retirement funds.
Should the unthinkable ever occur and a debt increase not be passed in August, there will be quite a few rather surprised Federal employees when Turbo Timmy drains their pensions completely dry.
From Zerohege:
instead of putting in even one penny into G and CSRD Funds, Tim Geithner has decided to defraud government retirees by the most since the US debt ceiling was breached, or, specifically, since intragovernmental "holdings" became a mere plug to make room for marketable debt. So while the debt held by the public increased by $21 billion following the settlement of last week's auctions, in order to stay under the $14.294 billion ceiling, the Treasury was forced to "disinvest" another $20 billion from retirement funds. At this point the various funds that fall under this umbrella are underinvested by at least $120 billion and likely much more.
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