Senate passes bill ensuring the Thrift Saving Fund pays down deficit

The Senate passed a bill Tuesday evening that would ensure that revenue gained from the Thrift Saving Fund is used solely to pay down the deficit.

Rep. Ann Marie Buerkle (R-N.Y.) introduced H.R. 4365, which amends the Internal Revenue Code to make Thrift Savings Fund accounts subject to a federal tax levy and requires that any revenue gain from the act be deposited in the general fund of the Treasury and used solely for deficit reduction.

Reps. Austin Scott (R-Ga.) and Dennis Ross (R-Fla.) co-sponsored the bill, which passed in the House in August on a 414-6 vote.

The Senate also passed numerous executive nominations in the Departments of Veterans Affairs, Transportation, Justice and military branches, among others.

The Senate adjourned until noon on Wednesday. The Senate is waiting for the House to pass a supplemental bill for Hurricane Sandy recovery efforts and the deal to avoid the "fiscal cliff."

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