Bush mum on tapping retirement accounts to avoid debt ceiling

House Republicans back the idea of tapping the retirement funds, which would keep the government from exceeding the ceiling on federal debt established in law. They are reluctant to move stand-alone legislation to raise the debt ceiling, which they believe will open them to partisan Democratic fire.

But Bush called on Congress to pass a stand-alone bill.

"It's their responsibility to get the debt ceiling raised, and I hope they do it quickly," Bush said during a press conference in the White House briefing room.

The move to tap retirement funds would not affect individual employees' accounts, because the Treasury is required by law to replace whatever money it takes out of the funds. (For a more complete explanation of how the process works, see this week's Pay and Benefits Watch column.)

Nevertheless, leaders of federal employee unions blasted the idea of temporarily shifting funds from retirement accounts Wednesday. "The position of the House Republican leadership is wrong, inappropriate and fiscally irresponsible," said National Treasury Employees Union President Colleen Kelley.

Bobby Harnage president of the American Federation of Government Employees, said the Bush administration's economic policies were to blame. "To avoid acknowledging that they have raised the deficit above the current debt ceiling, they want to raid the pensions of federal employees," he said.

Keith Koffler of CongressDaily contributed to this report.