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AIMD-96-30R 1 (1995-12-12)

handle is hein.gao/gaobaclay0001 and id is 1 raw text is: 



GAO


United States
General Accounting Office
Washington, D.C. 20548

Accounting and Information
Management Division

B-270721


December 12, 1995

The Honorable Sam Gibbons
Ranking Minority Member
Committee on Ways and Means
House of Representatives

Dear Mr. Gibbons:

This letter responds to questions raised by your staff regarding actions taken
to date by Secretary of the Treasury Rubin during the current debt ceiling
crisis. Specifically, your staff asked whether the Department of the Treasury
had followed its normal investment and redemption policies regarding the
Social Security trust funds.

Enclosed is our December 7, 1995, letter to Representative Nick Smith
(GAO/AIMD-96-20R), which discusses three of the options available to the
Secretary to meet the federal government's obligations and stay within the
statutory limit on public debt. Our review of Treasury records showed that
between November 1, 1995, and December 8, 1995, Treasury followed its
normal investment and redemption policies for all transactions affecting the
Social Security trust funds.

If we can be of further assistance, please call me at (202) 512-9510, or Gary
Engel, Assistant Director, at (202) 512-8815.


Enclosure


GAO/AIMD-96-30R Social Security Trust Funds


I L (0C)1-)

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