Report on the Operation and Status of the

Government Securities Investment Fund

December 12, 2017 to February 12, 2018

Pursuant to 5 U.S.C. § 8438(h)

March 14, 2018

On December 9, 2017, the outstanding debt subject to the limit was at the statutory debt limit. In 

order to protect the full faith and credit of the United States, beginning on December 12, 2017, 

the Secretary of the Treasury employed statutory authority to suspend investments in the 

Government Securities Investment Fund (G Fund) of the Thrift Savings Fund, part of the Federal 

Employees’ Retirement System. Public Law 115-123 operated to suspend the statutory limit

beginning February 9, 2018, rendering further use of this authority unnecessary. The G Fund was 

fully restored by February 12, 2018. 

Legal authority: Section 8438(g)(1) of Title 5, United States Code, empowers the Secretary of the 

Treasury to “suspend the issuance of additional amounts of obligations of the United States [to

this fund], if such issuances could not be made without causing the public debt of the United 

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

“debt issuance suspension period.” 5 U.S.C. § 8438(g)(6)(B).

Reporting requirement: Section 8438(h)(1) requires submission of a report to Congress on the 

operation and status of the G Fund during each debt issuance suspension period. The report is to 

be made “as soon as possible after the expiration of such period, but not later than 30 days after 

the first business day after the expiration of such period.” 5 U.S.C. § 8438(h)(1). This document 

fulfills the requirement of section 8438(h)(1). A copy of this report is being concurrently 

transmitted to the Executive Director of the Federal Retirement Thrift Investment Board.

Restoration requirement: Section 8438(g) requires the Secretary to make the G Fund whole upon 

expiration of a debt issuance suspension period. Treasury must issue obligations sufficient to 

ensure that the G Fund’s portfolio replicates what it would have been upon the expiration of the 

period, as if the suspension had not occurred. 5 U.S.C. § 8438(g)(3). Treasury must also pay the 

G Fund an amount equal to the interest that the fund would have earned. 5 U.S.C. § 8438(g)(4).

Status and operations: Throughout this debt issuance suspension period, a portion of the G 

Fund’s holdings could not be re-invested without exceeding the debt limit. Treasury has now 

replicated the portfolio the G Fund would have held but for the suspension, and has paid the G 

Fund $484,556,888.35 for interest it would have earned, accounting for receipts and withdrawals.

The table included as Attachment 1 details the daily and cumulative amounts of G Fund principal 

and interest that were suspended and restored. With the restoration of $156,702,408,283.52 in 

principal on February 9, 2018, and $484,556,888.35 in interest on February 12, 2018, the G Fund

was fully restored to the condition it would have been in had there not been a debt issuance 

suspension period.
 Status of the Attachment 1

Government Securities Investment Fund

Principal Interest

Daily Daily

(Suspension) (Foregone)

or Cumulative or Cumulative

Date Restoration (Suspension) Restoration (Foregone)

December 12, 2017 (275,978,175.22) (275,978,175.22) (18,206.89) (18,206.89)

December 13, 2017 275,978,175.22 0.00 (1.20) (18,208.09)

December 14, 2017 (542,311,937.44) (542,311,937.44) (35,778.73) (53,986.82)

December 15, 2017 (28,968,267,255.54) (29,510,579,192.98) (5,840,646.15) (5,894,632.97)

December 18, 2017 (4,238,961,523.30) (33,749,540,716.28) (2,226,921.09) (8,121,554.06)

December 19, 2017 (13,031,119,336.88) (46,780,660,053.16) (3,086,759.90) (11,208,313.96)

December 20, 2017 11,690,729,637.85 (35,089,930,415.31) (2,315,700.13) (13,524,014.09)

December 21, 2017 (15,456,040,070.12) (50,545,970,485.43) (3,335,522.21) (16,859,536.30)

December 22, 2017 (6,454,151,425.09) (57,000,121,910.52) (15,046,147.88) (31,905,684.18)

December 26, 2017 (5,740,304,701.56) (62,740,426,612.08) (4,141,230.25) (36,046,914.43)

December 27, 2017 1,217,009,700.59 (61,523,416,911.49) (4,061,214.63) (40,108,129.06)

December 28, 2017 (9,321,597,417.53) (70,845,014,329.02) (4,676,449.05) (44,784,578.11)

December 29, 2017 (80,788,013,181.79) (151,633,027,510.81) (40,026,089.30) (84,810,667.41)

January 2, 2018 52,372,923,267.87 (99,260,104,242.94) (6,554,004.80) (91,364,672.21)

January 3, 2018 (2,119,218,829.79) (101,379,323,072.73) (6,694,246.76) (98,058,918.97)

January 4, 2018 (30,905,118,408.28) (132,284,441,481.01) (8,733,567.73) (106,792,486.70)

January 5, 2018 (3,847,487,527.22) (136,131,929,008.23) (26,963,913.63) (133,756,400.33)

January 8, 2018 (1,344,099,919.26) (137,476,028,927.49) (9,078,423.34) (142,834,823.67)

January 9, 2018 (7,614,066,142.94) (145,090,095,070.43) (9,581,339.12) (152,416,162.79)

January 10, 2018 13,140,288,807.07 (131,949,806,263.36) (8,715,077.17) (161,131,239.96)

January 11, 2018 (22,202,161,002.07) (154,151,967,265.43) (10,180,378.03) (171,311,617.99)
 Status of the Attachment 1

Government Securities Investment Fund

Principal Interest

Daily Daily

(Suspension) (Foregone)

or Cumulative or Cumulative

Date Restoration (Suspension) Restoration (Foregone)

January 12, 2018 619,981,423.80 (153,531,985,841.63) (40,560,592.39) (211,872,210.38)

January 16, 2018 (24,427,423,974.75) (177,959,409,816.38) (11,754,355.41) (223,626,565.79)

January 17, 2018 (638,484,298.65) (178,597,894,115.03) (11,797,253.10) (235,423,818.89)

January 18, 2018 4,183,624,903.71 (174,414,269,211.32) (11,522,028.36) (246,945,847.25)

January 19, 2018 (2,034,942,104.95) (176,449,211,316.27) (34,971,114.43) (281,916,961.68)

January 22, 2018 (1,662,306,970.19) (178,111,518,286.46) (11,769,011.36) (293,685,973.04)

January 23, 2018 (7,354,313,060.38) (185,465,831,346.84) (12,254,968.16) (305,940,941.20)

January 24, 2018 13,111,789,067.80 (172,354,042,279.04) (11,390,762.78) (317,331,703.98)

January 25, 2018 (8,100,974,877.50) (180,455,017,156.54) (11,925,953.57) (329,257,657.55)

January 26, 2018 2,760,006,861.55 (177,695,010,294.99) (35,233,969.70) (364,491,627.25)

January 29, 2018 223,141,774.85 (177,471,868,520.14) (11,732,259.87) (376,223,887.12)

January 30, 2018 (4,164,520,420.01) (181,636,388,940.15) (12,007,776.54) (388,231,663.66)

January 31, 2018 802,669,396.08 (180,833,719,544.07) (11,955,614.84) (400,187,278.50)

February 1, 2018 45,578,941,697.87 (135,254,777,846.20) (10,362,532.06) (410,549,810.56)

February 2, 2018 5,826,792,505.16 (129,427,985,341.04) (29,754,664.30) (440,304,474.86)

February 5, 2018 (4,651,803,730.18) (134,079,789,071.22) (10,275,840.48) (450,580,315.34)

February 6, 2018 (7,719,855,102.62) (141,799,644,173.84) (10,866,336.59) (461,446,651.93)

February 7, 2018 (1,644,727,899.24) (143,444,372,073.08) (10,992,805.60) (472,439,457.53)

February 8, 2018 (13,258,036,210.44) (156,702,408,283.52) (12,006,411.98) (484,445,869.51)

February 9, 2018 156,702,408,283.52 0.00 (111,018.84) (484,556,888.35)

February 12, 2018 0.00 0.00 484,556,888.35 0.00