President Biden will announce Thursday that he’s spending $36 billion of taxpayer funds to bail out a troubled Teamsters union pension plan projected to run out of money in 2025.
The money being doled out to the Central States Pension Fund is the largest-ever federal bailout of a pension plan. Mr. Biden is using money in his $1.9 trillion COVID-19 relief law to save the fund, which is facing insolvency.
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