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The TSP Wouldn’t Be Affected By McCarthy’s Plan to Raise the Debt Ceiling and Cut Spending

April 25, 2023
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House Speaker Kevin McCarthy’s plan to couple raising the debt ceiling with dramatic cuts of more than 20% to discretionary domestic spending would not affect the Thrift Savings Plan, the director of the retirement savings program’s Office of External Affairs said Tuesday.

Nothing in the plan–which the House could vote on later this week–would directly impact the TSP, said Kim Weaver, during the monthly meeting of the Federal Retirement Thrift Investment Board. McCarthy’s proposal is Republicans’ opening salvo in negotiations to raise the debt ceiling and avoid what would be the United States’ first ever default on its financial obligations. It is unlikely to pass the Democratic-controlled Senate, and President Biden has said he supports a “clean” bill to raise or suspend the debt ceiling.

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