Unless Congress takes action, the U.S. will hit its debt limit on Mar. 16, Treasury Secretary Jack Lew wrote in a Friday letter.» Read More
Congress is expected to face another contentious debate over raising the U.S. legal borrowing authority, which is due to expire on March 15. The Congressional Budget Office said this week that if Congress does not raise the federal debt limit, the Treasury Department will exhaust all of its borrowing capacity and run out of cash in October or November, slightly...
WASHINGTON, March 3- The Congressional Budget Office said on Tuesday that if the U.S. federal debt limit is not raised, the U.S. Treasury Department will exhaust all of its borrowing capacity and run out of cash by October or November, slightly later than a previous forecast. Normal U.S. borrowing authority under the debt limit currently expires on March 15.
WASHINGTON, March 3- The Obama administration warned Congress on Tuesday that years of budget cuts to the country's tax collection agency could create a big fiscal headache. Congress has slashed the budget for the Internal Revenue Service by 10 percent over the last five years, hurting the agency's operations, said Treasury Secretary Jack Lew.
The Treasury Department auctioned $26 billion in three-month bills at a discount rate of 0.015 percent, down from 0.020 percent last week. Another $26 billion in six-month bills was auctioned at a discount rate of 0.075 percent, up from 0.065 percent last week. For a $10,000 bill, the three-month price was $9,999.62, while a six-month bill sold for $9,996.21.
Elizabeth Warren's opposition to the president's Pacific trade proposal shows how the senator can agitate, Politico's Ben White says.
CheapAir.com on Thursday started providing customers with a simple way to book a trip to Cuba online.
Feb 25- Doral Financial Corp said on Wednesday it intends to fight an appeals court ruling that overturned a lower court decision to grant the embattled lender a $229 million tax refund that was contested by Puerto Rico's Treasury Department. On Jan. 26, the FDIC issued a Prompt Corrective Action Directive ordering the bank to increase its capital within 30 days...
WASHINGTON, Feb 24- President Barack Obama plans to nominate Amias Gerety, a counselor at the Treasury Department, as assistant secretary for Financial Institutions, the White House said on Tuesday.
WASHINGTON— Taxpayers who've filed their 2014 returns only to learn that the government provided them with erroneous information on health care subsidies won't be required to submit corrected returns, the Treasury Department said Tuesday. "The IRS will not pursue the collection of any additional taxes from these individuals based on updated information...
Without Fannie Mae and Freddie Mac, there would be few buyers for 30-year mortgages. That could upend the U.S. housing market, Dick Bove tells CNBC.
The Treasury Department auctioned $26 billion in three-month bills at a discount rate of 0.020 percent, up from 0.015 percent last week. Another $26 billion in six-month bills was auctioned at a discount rate of 0.065 percent, unchanged from last week. For a $10,000 bill, the three-month price was $9,999.49 while a six-month bill sold for $9,996.71.
WASHINGTON, Feb 11- The U.S. budget deficit widened slightly in January, fueled in part by higher spending on government health care services for low-income Americans, according to data released by the Treasury Department on Wednesday. Compared with a year earlier, Washington spent $5 billion more on Medicaid, which provides health insurance for lower-income...
A record 3,415 Americans renounced their citizenship in 2014, the Treasury Department said.
WASHINGTON, Feb 3- The U.S. government's top financial research group on Tuesday launched a new website, a move aimed at helping it gain a greater profile separate from the Treasury Department, which houses the powerful agency. The Office of Financial Research was set up after the 2007-09 credit meltdown to help regulators map financial markets and has the power...
The case of Antonio Weiss shows that Congress will not confirm successful candidates from Wall Street, Evercore CEO Ralph Schlosstein told CNBC.
WASHINGTON, Jan 28- The Obama administration estimates that up to 29 percent of U.S. taxpayers could have to take the law known as Obamacare into account as they complete their 2014 income tax returns, officials said on Wednesday. Treasury expectations for about 150 million income tax filings, which are due to the Internal Revenue Service by an April 15 deadline.
Obama administration officials have partnered with large tax preparers and nonprofits to educate people about the tax effects of Obamacare.
NEW YORK, Jan 27- NetJets Inc, the private jet-sharing company owned by Warren Buffett's Berkshire Hathaway Inc, has defeated a U.S. Internal Revenue Service lawsuit attempting to recoup more than $500 million of unpaid taxes, penalties and interest. District Judge Edmund Sargus in Columbus, Ohio, said on Monday that the IRS was bound by guidance it gave a NetJets...
As global central banks make moves to weaken their currencies, Treasury Secretary Jack Lew tells CNBC a stronger U.S. dollar is good for everyone.
Treasury Secretary Jack Lew, shares his views on tax reform.