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.