The Obama administration is drawing up plans to give all U.S. spy agencies full access to a massive database that contains financial data on American citizens and others who bank in the country, according to a Treasury Department document seen by Reuters.
The Senate confirmed Jacob Lew as Treasury Secretary late Wednesday, affirming President Barack Obama's choice of a budget expert at a time when Congress and the White House are at odds over spending and taxes.
The Senate confirmed Jacob Lew to be Treasury secretary, affirming President Barack Obama's choice of a budget expert at a time when Congress and the White House are at odds over sharp government spending cuts. Lew had most recently served as Obama's chief of staff.
The U.S. annual budget deficit is on track to reach $1 trillion for a fifth straight year, though government revenue jumped last month as people paid some taxes early to avoid higher rates in 2013.
When it comes to making coins, the Mint isn't getting its two cents worth. In some cases, it doesn't even get half of that. A penny costs more than two cents and a nickel costs more than 11 cents to make and distribute.
One of the most contentious issues in the debate over how the U.S. government can increase its revenues involves the capital gains tax rate -- the rate investors pay on their profits. Here's what you need to know to understand just what both sides are arguing about.
The federal budget deficit has topped $1 trillion for a fourth straight year. But a modest improvement in economic growth helped narrow the gap by $207 billion compared with last year.
The U.S. government is selling more of its shares in insurer American International Group, in a move that should decrease its holdings below a majority stake for the first time since the $182 billion bailout in 2008.
During the past month, AIG stock fell nearly 10% drop after an announcement that the government would sell some of its stake in the insurance giant. The Treasury's ownership in the company has declined from 92% to 77%, but the prospect of its future sell-offs are holding the stock down.
Investors have generally taken a negative position on big banks lately: Major financial institutions face a host of issues that are punishing their bottom lines. However, some of Wall Street's most carefully watched investors -- short sellers -- are withdrawing their bets against them.
Insurance giant American International Group on Wednesday signed an agreement with the government that details its plan to repay its government loans. Meanwhile, The Wall Street Journal reports that the government plans to sell much of AIG's stock in the next few months.
The U.S. Treasury Department is offering up its remaining Citigroup shares, a move that marks the end of one of the federal government's largest bank bailouts. But the Treasury says it will hold out for an "acceptable price" for the 2.4 billion shares.
White House National Economic Council Deputy Director Diana Farrell and Treasury Department Assistant Secretary for Financial Institutions Michael Barr are planning to step down in the coming weeks -- the latest in a series of departures from Obama's economic team.
The U.S. government's bailout has been less than effective in helping U.S. homeowners avoid foreclosure and could end up costing more than expected, according to a report from the Troubled Asset Relief Program's special inspector general.
The federal deficit will amount to the equivalent of approximately 10% of U.S. gross domestic product for the fiscal year, which ended Sept. 30, according to a Treasury official. That's about the same percentage as the previous fiscal year.
The federal bailout program will end up costing taxpayers at least 85% less than expected, according to the Treasury Department, which estimates a bill of $30 billion to $50 billion. The Congressional Budget Office initially expected the program to cost $350 billion.
International banking regulations agreed upon in Basel, Switzerland, last week will reduce the probability of a future financial meltdown, U.S. Treasury Secretary Timothy Geithner said before the House Financial Services Committee today.
Herbert Allison, Assistant Secretary of the Treasury for Financial Stability, is the latest member of the Obama economic to leave ahead of what many expect to be crushing losses for the Democrats in November.
Mortgage finance giants Fannie Mae and Freddie Mac may not even exist in their current forms after a revamp of the U.S. housing finance system, Assistant Treasury Secretary Michael Barr said on Tuesday. Moreover, "private gains will no longer be subsidized by public losses," he said.
Shoveling trillions of dollars into banks hasn't boosted either spending or lending. What if the federal government stopped trying to revive the economy by encouraging borrowing -- and instead dropped money straight into your bank account?
Blaming them for promoting "19 months of government-as-community organizer," House Minority Leader John Boehner is expected to call on President Barack Obama to fire Treasury chief Tim Geithner and economic adviser Lawrence Summers.
Some $30 billion in technology projects for the government are running over budget, failing to deliver as promised or both, and the Obama administration is considering overhauling many of them. Scrapping them is not on the cards.
The future of the government-backed mortgage finance giants Fannie Mae and Freddie Mac, which critics have accused of exacerbating the meltdown in the U.S. housing market, will be discussed next month at a conference sponsored by the U.S. Department of Treasury.
The U.S. Treasury Department announced that it's planning to sell another 1.5 billion shares of Citigroup common stock, part of its effort to recoup some of $700 billion it invested in bailing out the financial system.
TARP repayments to taxpayers have surpassed the total amount of bailout funds outstanding for the first time, says the Treasury Department. This has helped cut the cost of the bailout program.
A year ago, the Feds estimated bailout costs at more than $250 billion. But thanks to a faster-than-expected economic rebound, Treasury now forecasts that the real price to taxpayers could drop to approximately $89 billion. Of course, some big ifs still lurk.
