Report on Fund Operations and Status

From January 19, 2023 to June 30, 2023

Pursuant to 5 U.S.C. § 8348(l)(1)

July 28, 2023

On January 19, 2023, the outstanding debt subject to the limit reached the statutory debt limit. 

On the same day, the Secretary of the Treasury notified Congress of her determination that a 

“debt issuance suspension period” (DISP) would begin on January 19, 2023, and last through

June 5, 2023. During a DISP, the Secretary may suspend or redeem certain investments. On 

Saturday, June 3, 2023, Public Law 118-5 suspended the statutory debt limit through January 1, 

2025, rendering further use of this authority unnecessary.

Legal Authority and Requirements: 

• Section 8348(j)(1) of Title 5 of the United States Code authorizes the Secretary to “suspend 

additional investment of amounts in the [Civil Service Retirement and Disability Fund (CSRDF)] 

if such additional investment could not be made without causing the public debt of the United 

States to exceed the public debt limit.” The statute defines a “debt issuance suspension period” as 

any period for which the Secretary determines that the issuance of obligations of the United 

States may not be made without exceeding the public debt limit. 

• Section 8348(k)(1) of Title 5 of the United States Code authorizes the Secretary to “sell or 

redeem securities, obligations, or other invested assets of the [CSRDF] before maturity in order to 

prevent the public debt of the United States from exceeding the public debt limit.” The Secretary 

may redeem such investments only during a DISP, and only to the extent necessary to obtain an 

amount of funds up to the total amount of payments authorized to be made from the CSRDF 

during such period.

• Section 8348(j)(3) requires the Secretary, upon expiration of a DISP, to immediately issue to the 

CSRDF obligations that “bear such interest rates and maturity dates as are necessary to ensure 

that, after such obligations are issued, the holdings of the [CSRDF] will replicate to the maximum 

extent practicable the obligations that would then be held by the [CSRDF] if the suspension of 

investment ... and any redemption or disinvestment ... had not occurred.” Section 8348(j)(4) 

further requires the Secretary, on the first normal interest payment date after the expiration of the 

DISP, to pay to the CSRDF any interest that would have been earned during the DISP.

• Section 8348(l)(1) requires the Secretary to report to Congress on the operations and status of the 

CSRDF during a DISP. The report is to be made “as soon as possible after the expiration of such 

period, but not later than the date that is 30 days after the first normal interest payment date 

occurring after the expiration of such period.” The first normal interest payment date after June 

5, 2023, was June 30, 2023. This document fulfills this requirement.

• Section 8909a(c) states that investments of the Postal Service Retiree Health Benefits Fund 

(PSRHBF) “shall be made in the same manner” as investments for the CSRDF under section 

8348.

Operations and Status: Between January 19, 2023, and June 5, 2023, in connection with the declaration 

of the DISP, $39,600,000,000 and $1,600,000,000 were redeemed from the CSRDF and PSRHBF, 

respectively, earlier than otherwise required in order to avoid exceeding the debt limit. In addition, 

throughout the period of January 19, 2023, to June 5, 2023, new CSRDF and PSRHBF receipts were not 

invested in order to avoid exceeding the debt limit. Steps were taken on June 5, 2023, and June 30, 2023,

as appropriate, to replicate the portfolios the CSRDF and PSRHBF would have held if the DISP had not 

occurred. A summary of the operations and status of the CSRDF and PSRHBF between January 19, 

2023, and June 30, 2023, is included as Attachment 1.
Attachment 1

2 

Daily

Receipt Inv.

 Suspended/

(Reinvested)

Payments

Covered by

DISP

Redemptions

for Payments 

During DISP/

(Reinvested)

Princ. and Int.

Suspended/

(Reinvested)

Payments

Covered by

DISP

Redemptions

for Payments 

During DISP/

(Reinvested)

Princ. and Int.

Suspended/

(Reinvested)

January 19, 2023 $1,745,000 $2,282,000 $26,864,539,000 $0 $0 $0 $1,600,000,000 $0 $0 1

January 20, 2023 $981,332,000 $2,865,000 $4,513,551,000 $0 $0 $0 $0 $0 $0 2

January 23, 2023 $570,874,000 $2,535,000 $8,221,910,000 $0 $0 $0 $0 $0 $0 3

January 24, 2023 $213,688,000 $3,592,000 $0 $0 $0 $364,663,000 $0 $0 $0 4

January 25, 2023 $48,993,000 $354,059,000 $0 $0 $0 $0 $0 $0 $0

January 26, 2023 $221,522,000 $4,221,000 $0 $0 $0 $0 $0 $0 $0

January 27, 2023 $9,724,000 $34,329,000 $0 $0 $0 $0 $0 $0 $0

January 30, 2023 $8,135,000 $1,248,000 $0 $0 $0 $0 $0 $0 $0

January 31, 2023 $378,000 $5,292,000 $0 $0 $0 $0 $0 $0 $0

February 1, 2023 $4,898,000 $8,485,950,000 $0 $0 $0 $0 $0 $0 $0

February 2, 2023 $196,000 $3,089,000 $0 $0 $0 $0 $0 $0 $0

February 3, 2023 $1,017,199,000 $71,516,000 $0 $0 $0 $0 $0 $0 $0

February 6, 2023 $589,929,000 $1,039,000 $0 $0 $0 $0 $0 $0 $0

February 7, 2023 $230,682,000 $5,394,000 $0 $0 $0 $0 $0 $0 $0

February 8, 2023 $16,244,000 $5,952,000 $0 $0 $0 $1,400,000 $0 $0 $0

February 9, 2023 $234,736,000 $5,734,000 $0 $0 $0 $0 $0 $0 $0

February 10, 2023 $70,692,000 $5,435,000 $0 $0 $0 $0 $0 $0 $0

February 13, 2023 $1,364,000 $5,570,000 $0 $0 $0 $0 $0 $0 $0

Daily Transaction Detail

Report of the Operation and Status of the

Civil Service Retirement and Disability Fund and

the Postal Service Retiree Health Benefits Fund

January 19, 2023 - June 30, 2023

Date

Civil Service and Retirement Disability Fund Postal Service Retiree Health Benefits Fund

Notes

Daily Other

Redemptions

Not Included

In DISP

Early Redemption

Other

Redemptions

Not Included

In DISP

Early Redemption
Attachment 1

3 

Daily

Receipt Inv.

 Suspended/

(Reinvested)

Payments

Covered by

DISP

Redemptions

for Payments 

During DISP/

(Reinvested)

Princ. and Int.

Suspended/

(Reinvested)

Payments

Covered by

DISP

Redemptions

for Payments 

During DISP/

(Reinvested)

Princ. and Int.

Suspended/

(Reinvested)

February 14, 2023 $607,000 $4,030,000 $0 $0 $0 $0 $0 $0 $0

February 15, 2023 $8,901,000 $45,788,000 $0 $0 $0 $0 $0 $0 $0

February 16, 2023 $8,644,000 $6,280,000 $0 $0 $0 $0 $0 $0 $0

February 17, 2023 $1,055,447,000 $5,134,000 $0 $0 $0 $0 $0 $0 $0

February 21, 2023 $812,652,000 $7,062,000 $0 $0 $0 $0 $0 $0 $0

February 22, 2023 $15,807,000 $5,133,000 $0 $0 $0 $367,179,000 $0 $0 $0

February 23, 2023 $221,451,000 $18,065,000 $0 $0 $0 $0 $0 $0 $0

February 24, 2023 $33,602,000 $4,416,000 $0 $0 $0 $0 $0 $0 $0

February 27, 2023 $390,000 $3,594,000 $0 $0 $0 $0 $0 $0 $0

February 28, 2023 $168,000 $2,253,000 $0 $0 $0 $0 $0 $0 $0

March 1, 2023 $6,190,000 $8,489,863,000 $0 $0 $0 $0 $0 $0 $0

March 2, 2023 $125,000 $3,307,000 $0 $0 $0 $1,387,000 $0 $0 $0

March 3, 2023 $1,028,048,000 $74,873,000 $0 $0 $0 $0 $0 $0 $0

March 6, 2023 $592,540,000 $390,000 $0 $0 $0 $0 $0 $0 $0

March 7, 2023 $239,120,000 $5,964,000 $0 $0 $0 $0 $0 $0 $0

March 8, 2023 $16,235,000 $6,106,000 $0 $0 $0 $0 $0 $0 $0

March 9, 2023 $221,463,000 $5,777,000 $0 $0 $0 $0 $0 $0 $0

March 10, 2023 $45,716,000 $6,251,000 $0 $0 $0 $0 $0 $0 $0

Daily Transaction Detail

Report of the Operation and Status of the

Civil Service Retirement and Disability Fund and

the Postal Service Retiree Health Benefits Fund

January 19, 2023 - June 30, 2023

Date

Civil Service and Retirement Disability Fund Postal Service Retiree Health Benefits Fund

Notes

Daily Other

Redemptions

Not Included

In DISP

Early Redemption

Other

Redemptions

Not Included

In DISP

Early Redemption
Attachment 1

4 

Daily

Receipt Inv.

 Suspended/

(Reinvested)

Payments

Covered by

DISP

Redemptions

for Payments 

During DISP/

(Reinvested)

Princ. and Int.

Suspended/

(Reinvested)

Payments

Covered by

DISP

Redemptions

for Payments 

During DISP/

(Reinvested)

Princ. and Int.

Suspended/

(Reinvested)

March 13, 2023 $151,000 $5,655,000 $0 $0 $0 $0 $0 $0 $0

March 14, 2023 $263,000 $3,975,000 $0 $0 $0 $0 $0 $0 $0

March 15, 2023 $588,000 $53,814,000 $0 $0 $0 $0 $0 $0 $0

March 16, 2023 $717,000 $3,927,000 $0 $0 $0 $0 $0 $0 $0

March 17, 2023 $1,028,823,000 $22,399,000 $0 $0 $0 $0 $0 $0 $0

March 20, 2023 $591,083,000 $5,417,000 $0 $0 $0 $0 $0 $0 $0

March 21, 2023 $222,375,000 $3,354,000 $0 $0 $0 $0 $0 $0 $0

March 22, 2023 $49,291,000 $4,972,000 $0 $0 $0 $0 $0 $0 $0

March 23, 2023 $220,596,000 $5,130,000 $0 $0 $0 $0 $0 $0 $0

March 24, 2023 $313,000 $6,561,000 $0 $0 $0 $0 $0 $0 $0

March 27, 2023 $640,000 $8,018,000 $0 $0 $0 $0 $0 $0 $0

March 28, 2023 $478,000 $7,501,000 $0 $0 $0 $369,235,000 $0 $0 $0

March 29, 2023 $2,252,000 $1,200,000 $0 $0 $0 $0 $0 $0 $0

March 30, 2023 $187,000 $1,575,000 $0 $0 $0 $0 $0 $0 $0

March 31, 2023 $1,135,185,000 $2,398,000 $0 $0 $0 $1,376,000 $0 $0 $0

April 3, 2023 $593,963,000 $8,487,512,000 $0 $0 $0 $0 $0 $0 $0

April 4, 2023 $121,658,000 $4,896,000 $0 $0 $0 $0 $0 $0 $0

April 5, 2023 $16,664,000 $75,000,000 $0 $0 $0 $0 $0 $0 $0

Daily Transaction Detail

Report of the Operation and Status of the

Civil Service Retirement and Disability Fund and

the Postal Service Retiree Health Benefits Fund

January 19, 2023 - June 30, 2023

Date

Civil Service and Retirement Disability Fund Postal Service Retiree Health Benefits Fund

Notes

Daily Other

Redemptions

Not Included

In DISP

Early Redemption

Other

Redemptions

Not Included

In DISP

Early Redemption
Attachment 1

5 

Daily

Receipt Inv.

 Suspended/

(Reinvested)

Payments

Covered by

DISP

Redemptions

for Payments 

During DISP/

(Reinvested)

Princ. and Int.

Suspended/

(Reinvested)

Payments

Covered by

DISP

Redemptions

for Payments 

During DISP/

(Reinvested)

Princ. and Int.

Suspended/

(Reinvested)

April 6, 2023 $220,307,000 $2,484,000 $0 $0 $0 $0 $0 $0 $0

April 7, 2023 $17,001,000 $3,265,000 $0 $0 $0 $0 $0 $0 $0

April 10, 2023 $940,000 $5,314,000 $0 $0 $0 $0 $0 $0 $0

April 11, 2023 $13,201,000 $4,243,000 $0 $0 $0 $0 $0 $0 $0

April 12, 2023 $521,000 $4,508,000 $0 $0 $0 $0 $0 $0 $0

April 13, 2023 $205,000 $4,109,000 $0 $0 $0 $0 $0 $0 $0

April 14, 2023 $1,032,404,000 $55,340,000 $0 $0 $0 $0 $0 $0 $0

April 17, 2023 $594,684,000 $3,990,000 $0 $0 $0 $0 $0 $0 $0

April 18, 2023 $225,333,000 $3,990,000 $0 $0 $0 $0 $0 $0 $0

April 19, 2023 $16,246,000 $6,079,000 $0 $0 $0 $0 $0 $0 $0

April 20, 2023 $220,495,000 $5,317,000 $0 $0 $0 $0 $0 $0 $0

April 21, 2023 $29,000 $25,645,000 $0 $0 $0 $0 $0 $0 $0

April 24, 2023 $248,000 $5,202,000 $0 $0 $0 $367,042,000 $0 $0 $0

April 25, 2023 $2,105,000 $356,730,000 $0 $0 $0 $1,371,000 $0 $0 $0

April 26, 2023 $32,694,000 $4,247,000 $0 $0 $0 $0 $0 $0 $0

April 27, 2023 $1,083,000 $2,141,000 $0 $0 $0 $0 $0 $0 $0

April 28, 2023 $1,069,221,000 $1,005,000 $0 $0 $0 $0 $0 $0 $0

May 1, 2023 $599,004,000 $8,480,766,000 $0 $0 $0 $0 $0 $0 $0

Daily Transaction Detail

Report of the Operation and Status of the

Civil Service Retirement and Disability Fund and

the Postal Service Retiree Health Benefits Fund

January 19, 2023 - June 30, 2023

Date

Civil Service and Retirement Disability Fund Postal Service Retiree Health Benefits Fund

Notes

Daily Other

Redemptions

Not Included

In DISP

Early Redemption

Other

Redemptions

Not Included

In DISP

Early Redemption
Attachment 1

6 

Daily

Receipt Inv.

 Suspended/

(Reinvested)

Payments

Covered by

DISP

Redemptions

for Payments 

During DISP/

(Reinvested)

Princ. and Int.

Suspended/

(Reinvested)

Payments

Covered by

DISP

Redemptions

for Payments 

During DISP/

(Reinvested)

Princ. and Int.

Suspended/

(Reinvested)

May 2, 2023 $223,919,000 $3,932,000 $0 $0 $0 $0 $0 $0 $0

May 3, 2023 $17,346,000 $73,213,000 $0 $0 $0 $0 $0 $0 $0

May 4, 2023 $282,094,000 $404,000 $0 $0 $0 $0 $0 $0 $0

May 5, 2023 $17,079,000 $6,536,000 $0 $0 $0 $0 $0 $0 $0

May 8, 2023 $677,000 $4,971,000 $0 $0 $0 $0 $0 $0 $0

May 9, 2023 $382,000 $2,386,000 $0 $0 $0 $0 $0 $0 $0

May 10, 2023 $192,000 $4,252,000 $0 $0 $0 $0 $0 $0 $0

May 11, 2023 $12,594,000 $4,147,000 $0 $0 $0 $0 $0 $0 $0

May 12, 2023 $1,046,952,000 $6,109,000 $0 $0 $0 $0 $0 $0 $0

May 15, 2023 $596,493,000 $48,502,000 $0 $0 $0 $0 $0 $0 $0

May 16, 2023 $224,612,000 $4,291,000 $0 $0 $0 $0 $0 $0 $0

May 17, 2023 $16,486,000 $4,881,000 $0 $0 $0 $0 $0 $0 $0

May 18, 2023 $244,591,000 $6,820,000 $0 $0 $0 $0 $0 $0 $0

May 19, 2023 $596,000 $19,520,000 $0 $0 $0 $0 $0 $0 $0

May 22, 2023 $405,000 $6,148,000 $0 $0 $0 $126,347,000 $0 $0 $239,601,000 5

May 23, 2023 $256,000 $5,211,000 $0 $0 $0 $0 $0 $0 $1,360,000

May 24, 2023 $222,000 $3,256,000 $0 $0 $0 $0 $0 $0 $0

May 25, 2023 $638,000 $3,637,000 $0 $0 $0 $0 $0 $0 $0

Daily Transaction Detail

Report of the Operation and Status of the

Civil Service Retirement and Disability Fund and

the Postal Service Retiree Health Benefits Fund

January 19, 2023 - June 30, 2023

Date

Civil Service and Retirement Disability Fund Postal Service Retiree Health Benefits Fund

Notes

Daily Other

Redemptions

Not Included

In DISP

Early Redemption

Other

Redemptions

Not Included

In DISP

Early Redemption
Attachment 1

7 

 

Daily

Receipt Inv.

 Suspended/

(Reinvested)

Payments

Covered by

DISP

Redemptions

for Payments 

During DISP/

(Reinvested)

Princ. and Int.

Suspended/

(Reinvested)

Payments

Covered by

DISP

Redemptions

for Payments 

During DISP/

(Reinvested)

Princ. and Int.

Suspended/

(Reinvested)

May 26, 2023 $1,049,861,000 $3,626,000 $0 $0 $0 $0 $0 $0 $0

May 30, 2023 $823,007,000 $1,256,000 $0 $0 $0 $0 $0 $0 $0

May 31, 2023 $17,414,000 $1,177,000 $0 $0 $0 $0 $0 $0 $0

June 1, 2023 $191,116,000 $4,013,658,000 $0 $0 $4,470,775,000 $0 $0 $0 $0 6

June 2, 2023 $63,644,000 $0 $0 $0 $125,000 $0 $0 $0 $0

June 5, 2023 ($21,390,961,000) $0 $0 $0 $0 $0 $0 $0 $0 7

Subtotal $0 $39,600,000,000 $39,600,000,000 $0 $4,470,900,000 $1,600,000,000 $1,600,000,000 $0 $240,961,000

June 30, 2023 $0 $0 $0 ($279,274,337) $0 $0 $0 ($3,003,219) $0 8

Total $0 $39,600,000,000 $39,600,000,000 ($279,274,337) $4,470,900,000 $1,600,000,000 $1,600,000,000 ($3,003,219) $240,961,000

Daily Transaction Detail

Report of the Operation and Status of the

Civil Service Retirement and Disability Fund and

the Postal Service Retiree Health Benefits Fund

January 19, 2023 - June 30, 2023

Date

Civil Service and Retirement Disability Fund Postal Service Retiree Health Benefits Fund

Notes

Daily Other

Redemptions

Not Included

In DISP

Early Redemption

Other

Redemptions

Not Included

In DISP

Early Redemption
Attachment 1

8

Notes from the Daily Transaction Detail

Report on Fund Operations and Status 

From January 19, 2023 to June 30, 2023

1. January 19, 2023: 

o The Secretary of the Treasury notified Congress that a “debt issuance suspension period” 

would begin on January 19, 2023, and last through June 5, 2023.

o Treasury did not invest $1,745,000 in new receipts to the CSRDF.

o Treasury redeemed $26,864,539,000 from a CSRDF 2.250 percent Special Issue Bond 

maturing June 30, 2034.

o Treasury did not redeem $2,282,000, which represented a portion of the payments 

authorized to be made from the CSRDF during the period of the DISP.

o Treasury redeemed $1,600,000,000 from a PSRHBF 2.500 percent Special Issue Bond 

maturing June 30, 2026.

2. January 20, 2023: 

o Treasury did not invest $981,332,000 in new receipts to the CSRDF.

o Treasury redeemed $4,513,551,000 from a CSRDF 2.250 percent Special Issue Bond 

maturing June 30, 2034.

o Treasury did not redeem $2,865,000, which represented a portion of the payments 

authorized to be made from the CSRDF during the period of the DISP.

3. January 23, 2023:

o Treasury did not invest $570,874,000 in new receipts to the CSRDF.

o Treasury redeemed $8,221,910,000 from a CSRDF 2.250 percent Special Issue Bond 

maturing June 30, 2034.

o Treasury did not redeem $2,535,000, which represented a portion of the payments 

authorized to be made from the CSRDF during the period of the DISP.

4. January 24, 2023:

o Treasury did not invest $213,688,000 in new receipts to the CSRDF.

o Treasury did not redeem $3,592,000, which represented a portion of the payments 

authorized to be made from the CSRDF during the period of the DISP.

o Treasury did not redeem $364,663,000, which represented a portion of the payments 

authorized to be made from the PSRHBF during the period of the DISP.

5. May 22, 2023:

o Treasury did not invest $405,000 in new receipts to the CSRDF.

o Treasury did not redeem $6,148,000, which represented a portion of the payments 

authorized to be made from the CSRDF during the period of the DISP. 

o Treasury did not redeem $126,347,000, which represented a portion of the payments 

authorized to be made from the PSRHBF during the period of the DISP.

o Treasury redeemed normally $239,601,000, which represented the amount needed to 

make the remainder of the new disbursements from the PSRHBF.

6. June 1, 2023:

o Treasury did not invest $191,116,000 in new receipts to the CSRDF.

o Treasury did not redeem $4,013,658,000, which represented a portion of the payments 

authorized to be made from the CSRDF during the period of the DISP. 
Attachment 1

9

o Treasury redeemed normally $4,470,775,000, which represented the amount needed to 

make the remainder of the new disbursements from the CSRDF.

7. June 5, 2023:

o On Saturday, June 3, 2023, the President signed legislation (P.L. 118-5), suspending the 

public debt limit through January 1, 2025.

o Treasury invested $21,390,961,000 of the $21,390,961,000 available into the CSRDF in 

accordance with the established investment plan for the fund. This represented receipts 

not invested between January 19, 2023, and June 2, 2023.

o Treasury redeemed $39,600,000,000 from current CSRDF Certificates of Indebtedness 

and bonds, using normal redemption rules.

o Treasury invested $39,600,000,000 in the CSRDF 2.250 percent bond maturing on June 

30, 2034. This represented principal that was redeemed early from the 2.250 percent 

Special Issue Bond. (Had there been no DISP, benefit payments would have been paid 

through normal redemption rules.)

o Treasury redeemed $1,600,000,000 from current PSRHBF Certificates of Indebtedness 

and bonds, using normal redemption rules.

o Treasury invested $1,600,000,000 in the PSRHBF 2.500 percent bond maturing on June 

30, 2026. This represented principal that was redeemed early from the 2.500 percent 

Special Issue Bond. (Had there been no DISP, benefit payments would have been paid 

through normal redemption rules.)

8. June 30, 2023:

o Treasury paid interest of $279,274,337 to the CSRDF. This amount represents the 

interest forgone during the period of the DISP from January 19, 2023, to June 5, 2023, 

and accrued since June 5, 2023.

o Treasury paid interest of $3,003,219 to the PSRHBF. This amount represents the interest 

forgone during the period of the DISP from January 19, 2023, to June 5, 2023, and 

accrued since June 5, 2023.