Feds using pensions to stay out of default

[It's the busted piggy bank, stupid]

Back in 2004 the federal government was approaching its debt limit. Without quick action, the country would be in default.

Rather than the federal government increasing revenue (raise taxes) or reducing costs (cut spending), Congress decided to simply legislate the debt ceiling upwards by $800 billion. Problem solved.


But the problem was merely put off until January 24 of this year when the Treasury Department website declared it was in technical default to the tune of $1 billion.
http://www.publicdebt.treas.gov/opd/opdpenny.htm

What to do? Go back to Congress and beg for another boost in the legal debt limit imposed on the government.
http://news.bbc.co.uk/2/hi/business/4780844.stm

In the meantime, however, there are bills to pay, so Treasury Secretary John Snow has dipped into the Civil Service Retirement and Disability Fund.
http://www.washingtonpost.com/wp-dyn/content/article/2006/03/07/AR2006030701736_pf.html

None of this is no cause for concern, of course, because as Vice President Dick Cheney has asserted, "Deficits don't matter."
http://www.issues2000.org/2004/Dick_Cheney_Budget_+_Economy.htm

Here's hoping the Chinese understand this terrifying lesson.
http://www.findarticles.com/p/articles/mi_m2633/is_4_18/ai_n8685187