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Barack Obama From Precy Dumlao, Opalesque Asia:
Some of the largest public pension funds in the U.S. on Tuesday called on President Barack Obama and the Republican-led Congress to immediately act on the debt ceiling issue and break the current impasse to avoid a downgrade of the U.S. by credit agencies.
In a joint statement, the 10 pension funds warned of a serious threat to the economy as the August 2 deadline looms and added that failure to reach an agreement "will inflict pain and hardship on all our citizens for many years to come if we fail to act – and act now."
The group, comprised of the California Public Employees’ Retirement System, Florida State Board of Administration, Colorado Public Employees’ Retirement Association, New York State Common Retirement Fund, State of North Carolina, New York City Retirement System, Maryland State Retirement Agency, California State Teachers’ Retirement System,
Los Angeles County Employees’ Retirement Association, and Ohio Public Employees Retirement System, representing 7.7 million Americans with a combined assets of $3tln, told Obama and Congress to act now as the "country faces threats to its economic well-being that will inflict pain and hardship on all our citizens for many years to come."
"The hard-working people we serve are the nation’s savers; they want a strong future for America because their economic fu...................... To view our full article Click here
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