From our business news partner.
Deficit surges at agency that insures pensions
By DEB RIECHMANN Associated Press Writer
(AP:WASHINGTON) In an ominous setback, the government agency that insures the pensions of 44 million Americans has amassed a record $33.5 billion deficit _ triple what it was just six months ago.
The bleak financial snapshot, in a report obtained by The Associated Press, raises new fears that a federal bailout eventually will be needed for the Pension Benefit Guaranty Corp. The beleaguered agency is being saddled with the underfunded pension plans of companies going bankrupt in the worst economic slump since the Great Depression.