DEPARTMENT OF THE TREASURY 

WASHINGTON, D.C. 

SECRETARY OF THE TREASURY 

The Honorable Paul D. Ryan 

Speaker 

U.S. House of Representatives 

Washington, DC 20515 

Dear Mr. Speaker: 

March 16, 2017 

I write to keep you apprised of actions the Treasury Department is taking in regards to the debt 

limit. In my letter of March 8, I noted that the Bipartisan Budget Act of 2015 suspended the 

statutory debt limit through March 15, and informed you that beginning today, the outstanding debt 

of the United States would be at the statutory limit. Yesterday at noon, in anticipation of being at 

the debt limit today, Treasury suspended until further notice the sale of State and Local Government 

Series securities. My prior letter described the use of this extraordinary measure, as well as the 

possibility that additional extraordinary measures might be necessary to utilize. This letter serves to 

notify you, pursuant to the requirements under 5 U.S.C. § 8348(1)(2) and 5 U.S.C. § 8438(h)(2), of 

additional extraordinary measures Treasury began using today. 

First, I have determined that, by reason of the statutory debt limit, I will be unable to fully invest the 

portion of the Civil Service Retirement and Disability Fund (CSRDF) not immediately required to 

pay beneficiaries, and that a "debt issuance suspension period" will begin on Thursday, March 16, 

2017, and last until Friday, July 28, 2017. My predecessors have declared "debt issuance 

suspension periods" under similar circumstances. With this determination, the Treasury 

Department will suspend additional investments of amounts credited to, and redeem a portion of the 

investments held by, the CSRDF as expressly authorized by law. 

In addition, because the Postal Accountability and Enhancement Act of 2006 provides that 

investments in the Postal Service Retiree Health Benefits Fund (PSRHBF) shall be made in the 

same manner as investments for the CSRDF, the Treasury Department will suspend additional 

investments of amounts credited to the PSRHBF. By law, the CSRDF and the PSRHBF will be 

made whole once the debt limit is increased. Federal retirees and employees will be unaffected by 

these actions. 

Second, I have also determined that, by reason of the statutory debt limit, I will be unable to invest 

fully the Government Securities Investment Fund (G Fund) of the Federal Employees' Retirement 

System in interest-bearing securities of the United States, beginning today. The statute governing G 

Fund investments expressly authorizes the Secretary of the Treasury to suspend investment of the G 

Fund to avoid breaching the statutory debt limit. My predecessors have taken this suspension action 
in similar circumstances. By law, the G Fund will be made whole once the debt limit is increased. 

Federal retirees and employees will be unaffected by this action. 

Additional information about Treasury's use of extraordinary measures is available on Treasury's 

Debt Limit webpage at www.treasury.gov, including prior use by past administrations of both 

parties. 

I respectfully urge Congress to protect the full faith and credit of the United States by acting to 

increase the statutory debt limit as soon as possible. 

Sincerely, 

Steven T. Mnuchin 

Identical letter sent to: 

The Honorable Nancy Pelosi, House Democratic Leader 

The Honorable Mitch McConnell, Senate Majority Leader 

The Honorable Charles E. Schumer, Senate Democratic Leader 

cc: The Honorable Kevin Brady, Chairman, House Committee on Ways and Means 

The Honorable Richard Neal, Ranking Member, House Committee on Ways and Means 

The Honorable Orrin G. Hatch, Chairman, Senate Committee on Finance 

The Honorable Ron Wyden, Ranking Member, Senate Committee on Finance 

All other Members of the 1 l 51

h Congress