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JS-4093
The Treasury Department today announced the auction of a cash management bill (CMB) that will mature on March 14. Treasury is also likely to auction a smaller, one-day CMB that will settle on March 14 and mature on March 15. These actions allow us to simultaneously remain below the statutory debt limit and meet our projected mid-March cash needs.
Today the Department suspended new investments of the Civil Service Retirement and Disability Fund (CSRDF) and redeemed a portion of CSRDF’s existing investments, as authorized by law. Beneficiaries of the CSRDF will be fully protected and will suffer no adverse consequences. The CSRDF statute requires Treasury to restore all due interest and principal to the CSRDF as soon as this can be done without exceeding the statutory debt limit.
These actions will allow the Department to continue to finance government operations and to auction and settle the reopening of the 10-year note announced today according to schedule. Based on current projections, Treasury expects that the additional borrowing capacity afforded by these measures will be exhausted by mid-March and therefore urges the Congress to act immediately to increase the statutory debt limit.
-30- The letter, attached below, went to:
Ted Stevens, President Pro Tempore, SenateHarry Reid, Minority Leader, SenateBill Frist, Majority Leader, SenateSusan Collins, Chairman, Homeland Security and Government Affairs Committee, SenateJoe Lieberman, Ranking Member, Homeland Security and Government Affairs Committee, SenateJudd Gregg, Chairman, Budget Committee, SenateKent Conrad, Ranking Member, Budget Committee, SenateCharles Grassley, Chairman, Finance Committee, SenateMax Baucus, Ranking Member, Finance Committee, SenateJohn Boehner, Majority Leader, HouseNancy Pelosi, Minority Leader, HouseDennis Hastert, Speaker, HouseTom Davis, Chairman, Governmental Reform Committee, HouseHenry Waxman, Ranking Member, Governmental Reform Committee, HouseJim Nussle, Chairman, Budget Committee, HouseJohn Spratt, Ranking Member, Budget Committee, HouseWilliam Thomas, Chairman, Ways and Means, HouseCharles Rangel, Ranking Member, Ways and Means, House
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