BUG #1927: incorrect timestamp returned

The following bug has been logged online:

Bug reference:      1927
Logged by:          Deyan Chepishev
Email address:      updates@blue-edge.bg
PostgreSQL version: 7.4.8, 8.0.3
Operating system:   Linux
Description:        incorrect timestamp returned
Details:

Postgre:
1. PostgreSQL 8.0.3 on i686-pc-linux-gnu, compiled by GCC gcc (GCC) 3.4.3
20050227 (Red Hat 3.4.3-22.1)
2. PostgreSQL 7.4.8 on i686-pc-linux-gnu, compiled by GCC gcc (GCC) 3.3.4

When I run the following query:

select timestamp '2005-09-23 23:59:59.9999999'

I get the following result (note the value of the seconds):

2005-09-23 23:59:60.00