ROANOKE TIMES
Copyright (c) 1996, Roanoke Times
DATE: Thursday, February 15, 1996 TAG: 9602150103
SECTION: NATIONAL/INTERNATIONAL PAGE: A-2 EDITION: METRO
DATELINE: WASHINGTON
The Clinton administration is going ahead with ``extraordinary actions'' today to avoid a historic government default.
Since the government reached its $4.9 trillion limit on borrowing authority in November, Treasury Secretary Robert Rubin has used money from federal employee retirement funds to meet obligations and deposited federal IOUs in its place.
Another $25 billion in scheduled interest payments was due today. In a letter Wednesday to House Speaker Newt Gingrich, Rubin said the upcoming actions included:
Extending from 12 months to 14 the period in which the government will repay about $6.4 billion to the Civil Service Retirement and Disability Fund.
Exchanging about $8.6 billion in assets held by the Federal Financing Bank.
Suspending reinvestment of about $3.9 billion of Treasury securities held by the Exchange Stabilization Fund.
- Associated Press
LENGTH: Short : 33 linesby CNB