#treasury-department

#treasury-department

President Joe Biden is expected to meet Tuesday with congressional leaders on the debt ceiling limit following productive staff-level negotiations over the weekend, two sources familiar with the talks told CNN on Sunday, as the US barrels toward a deadline that could come as soon as June 1.Negotiators have been able to pinpoint some areas on which congressional staff and the White House can find common ground, including revising the permitting process, rescinding unspent Covid-19 relief funds and potentially cutting spending, the sources said.

WASHINGTON Republican lawmakers continued their decades-long critique of the Internal Revenue Service in a Senate hearing on Wednesday, occasionally leveling inaccurate charges as they questioned President Biden's nominee to lead the agency.Here's a fact check of some claims.What Was Said The Joint Committee on Taxation says that 78 to 90 percent of that tax gap really is with taxpayers under $200,000, you know, lost reported revenue.

Manchin's move also comes as he faces the prospect of a tough reelection race next year in his Republican-leaning state.He has not said whether he'll run for another term.Manchin's opposition is unlikely endanger Werfel's nomination, which appears assured.Werfel won bipartisan support on the chamber's Finance Committee, with three Republicans there backing him.

If Democrats were uniformly in opposition, the vote would fail with the number of Republicans against the package.The U.S. Capitol building is seen from the base of the Washington Monument as the sun rises in Washington, D.C., on May 28, 2023.Samuel Corum / AFP via Getty Images As House Speaker Kevin McCarthy (R-California) scrambles to win the support of far right members of the Republican caucus for his debt ceiling deal, it is becoming increasingly clear that McCarthy may have to rely on support of Democrats to pass the package.

Facing pressure to resolve the ongoing U.S. debt limit standoff, President Joe Biden said he expects to resume budget negotiations with congressional leadership on Tuesday, just one day before he leaves for the G7 summit in Japan.He declined to give details on where they stand in terms of a negotiated deal but said he believed an agreement could be reached with House Republicans to raise or suspend the debt cap before the U.S. runs out of cash, which the Treasury Department has said could happen as early as June 1.

In 2021, there were at least 672 former government officials working for top defense contractors like Lockheed Martin.Sen. Elizabeth Warren is pictured during a Senate Finance Committee hearing in Dirksen Building on April 19, 2023.Tom Williams / CQ-Roll Call, Inc via Getty Images Hundreds of former government officials, including former Pentagon officials, have been funneled through the infamous public-to-private revolving door to take their insider government knowledge to lobby for top defense contractors, a new report from the office of Sen. Elizabeth Warren (D-Massachusetts) reveals.

If Congress does not address the debt ceiling by June 5, the US Treasury Department will not have enough funds to pay all of the nation's obligations in full and on time, Treasury Secretary Janet Yellen said Friday.Based on the most recent available data, we now estimate that Treasury will have insufficient resources to satisfy the government's obligations if Congress has not raised or suspended the debt limit by June 5, she wrote in a letter to House Speaker Kevin McCarthy and other congressional leaders.

The United States is inching closer to calamity, as lawmakers continue to spar over what it will take to raise the country's $31.4 trillion debt limit.That has raised questions about what would happen if the United States does not raise its borrowing cap in time to avoid defaulting on its debt, along with how key players are preparing for that scenario and what would actually happen should the Treasury Department fail to repay its lenders.

There are signs that negotiations over raising the nation's debt limit are gaining momentum, but major differences remain and it's unclear how quickly an agreement could come together.Time is running short as the risk of a first-ever default grows.With no bill to vote on, House lawmakers left Washington for the Memorial Day weekend and will be given 24 hours' notice to return if and when a deal is reached.

Boston condo brokers Q&A on the debt ceiling and the Boston condo market
How does the debt ceiling affect Boston condo mortgage rates?How would a debt-ceiling breach impact mortgage rates?The ongoing debt ceiling talks, if not resolved will make it more expensive to buy a Boston condo for sale because a default would force the Treasury Department to pay higher interest on its bonds to convince investors to stick around- and mortgage rates and other borrowing costs tend to follow Treasury rates.

The Mercury provides news and fun every single day-but your help is essential.If you believe Portland benefits from smart, local journalism and arts coverage, please consider making a small monthly contribution, because without you, there is no us.Thanks for your support!GOOD MORNING, PORTLAND!Time for another day of May sunshine.

More than a year after the Ukraine invasion, it's clear: Leaving Russia was not as simple as the first announcements might have made it seem for global companies.Though companies' stories vary, a common theme is having to thread a needle between Western sanctions and outraged public opinion on one side and Russia's efforts to discourage and penalize departures on the other.

If the US is not able to pay all its bills for the first time ever, senior citizens could quickly feel the pain.Unless President Joe Biden and House Republicans hammer out a deal to address the debt ceiling soon, the Treasury Department may not have enough funds to fully satisfy all of the nation's obligations as soon as June 1.

Federal Reserve officials were unanimous in their decision to raise interest rates earlier this month, but were conflicted over whether additional increases would be necessary to bring inflation under control, according to minutes from the Fed's last meeting released on Wednesday.The Fed voted to raise interest rates by a quarter-point on May 3, to a range of 5 to 5.25 percent, the 10th straight increase since the central bank started its campaign to rein in inflation last year.

The US government is tracking a growing number of foreign-linked business transactions that pose potential data risks to national security similar to those raised by TikTok, Treasury Secretary Janet Yellen told lawmakers Thursday.At a House Appropriations Committee hearing, Yellen said regulators charged with screening foreign investment deals for national security risks have witnessed a rise in such cases, but she declined to discuss specifics.

In the wake of failures at Silicon Valley Bank and Signature Bank and separate issues at Credit Suisse and First Republic, many Americans are asking the question: Is my money safe?Lloyd Blankfein, the former CEO of Goldman Sachs said the answer is not black and white on Fareed Zakaria GPS Sunday.The answer is kind of a yes with an ellipsis, Blankfein said.

Negotiations are continuing to unfold in an attempt to reach a debt limit deal, but major differences between House Republicans and the White House have yet to be bridged, and the pressure is only intensifying as the risk of default grows ever more real with each day.Republicans have long said that spending cuts must be paired with any increase in the debt limit an issue that is proving to be the central sticking point as Democrats argue the cuts Republicans want are too extreme, though the White House has expressed a willingness to cut some spending.

If diplomats were on TikTok, de-risk would be trending.The word has suddenly become popular among officials trying to loosen China's grip on global supply chains but not cut ties entirely, with the joint communique from this weekend's Group of 7 meeting making clear that the world's largest democratic economies will now focus on de-risking, not decoupling.

The Treasury Department is steadily draining the funds it has to pay the nation's bills during the debt ceiling impasse.Treasury had $57.3 billion in cash on hand as of Thursday, according to federal data.The amount bounces around as the agency takes in revenue and makes payments, but the balance has declined from $238.5 billion at the start of the month, when the coffers were relatively flush from tax collections in April.

One researcher called the SVB bailout "a good illustration of the enormous class bias in American policymaking."Federal Deposit Insurance Corporation Chairman Martin Gruenberg during a hearing before the Senate Banking, Housing and Urban Affairs Committee on September 9, 2014, on Capitol Hill in Washington, D.C.Alex Wong / Getty Images In prepared testimony for a Senate Banking Committee hearing slated for Tuesday morning, the chair of the Federal Deposit Insurance Corporation reveals that the 10 largest deposit accounts at Silicon Valley Bank held a combined $13.3 billion, a detail that's likely to intensify criticism of federal regulators' intervention in the firm's recent collapse.

President Joe Biden is canceling his upcoming visits to Papua New Guinea and Australia due to the ongoing debt ceiling negotiations in Washington, the White House confirmed Tuesday.White House press secretary Karine Jean-Pierre said in a statement Biden spoke to Australian Prime Minister Anthony Albanese earlier Tuesday to inform him he will be postponing the trip and invited the prime minister for an official state visit at a time to be agreed by the teams.

Congressional leaders negotiating over a deal to raise the debt ceiling and avoid the first default in the nation's history are working against an unforgiving force: the legislative calendar.President Biden and Speaker Kevin McCarthy's meeting on Tuesday afternoon to try to break their impasse over increasing the cap comes just over two weeks before the projected X-date of June 1 the day the Treasury Department has projected it could no longer pay the United States government's debts.

President Biden and top congressional leaders are set to meet Tuesday to discuss raising the debt ceiling.Which raises a lot of questions, including what the debt limit actually is and why the United States has one.Here's everything you need to know about the debt limit.The debt limit is a cap on the total amount of money that the United States is authorized to borrow to fund the government and meet its financial obligations.

Treasury Secretary Janet Yellen speaks at a school in Kyiv, Ukraine, on Monday.Claire Harbage/NPR KYIV, Ukraine U.S. Treasury Secretary Janet Yellen made a surprise visit to Ukraine Monday, in which she reaffirmed America's support for the country and announced $1.25 billion in economic aid for things like schools and hospitals.

Speaker of the House Kevin McCarthy and President Joe Biden meet with other lawmakers in the Oval Office of the White House on May 9, 2023 in Washington, DC.Anna Moneymaker/Getty Images Anyone looking for clues at how talks to raise the nation's borrowing limit and avoid a historic default are progressing between President Joe Biden and congressional Republicans might be confused ahead of a high-stakes meeting at the White House on Tuesday.

Private equity investor Andrew Intrater is one of the people federal prosecutors allege Rep. George Santos induced to donate money as part of an alleged scheme that diverted purported political contributions to Santos' personal use, Intrater's lawyer confirmed to CNN on Thursday.In a 13-count indictment made public Wednesday, prosecutors alleged that Santos and an unnamed associate duped two donors described only as Contributor #1 and Contributor #2 into giving $25,000 apiece to support the Republican's candidacy last year.

President Biden and Speaker Kevin McCarthy will meet on Tuesday afternoon to discuss budget priorities and raising the debt limit at a precarious moment: The United States is quickly running out of cash to pay its bills.Lawmakers have less than a month to pass legislation to increase or suspend the debt ceiling, which caps the amount of money the government can borrow.

House Speaker Kevin McCarthy and President Joe Biden likely have a little more time to work out a deal to avoid a catastrophic debt default, thanks to procrastinating taxpayers.The Treasury Department got a surge of tax revenue earlier this week, which should provide it with the cash it needs to pay the federal government's bills for a longer period of time.

The Biden administration said on Thursday that it was imposing sanctions on a Slovakian national accused of trying to broker a weapons deal between Russia and North Korea.The sanctions against the Slovakian, Ashot Mkrtychev, were announced hours after Russia detained a Wall Street Journal reporter on accusations of espionage, and are part of a series of attempts by the United States to block off Moscow's access to weapons as its invasion of Ukraine continues.

The Biden administration took action Wednesday against several Iranian officials and entities for committing human rights abuses against women and girls in the latest round of sanctions against Tehran over its crackdown on unrest in the country.As the world marked International Women's Day, Wednesday's actions include sanctions against two senior officials in Iran's prison system responsible for serious human rights abuses, according to the US Treasury Department.

"Who's going to pay to run this government?The Republicans are real clear on that: not the rich folks," she said.Sen. Elizabeth Warren talks with reporters outside of the U.S. Capitol on July 12, 2022.Tom Williams / CQ-Roll Call, Inc via Getty Images Sen. Elizabeth Warren (D-Massachusetts) dug into Republicans for their willingness to "wreck the economy" over the debt ceiling, pointing out that the GOP is only interested in protecting their rich allies and creating an economic crisis that would reflect poorly on President Joe Biden.

Two new analyses are backing Treasury Secretary Janet Yellen's forecast that the nation could default on its debt and unleash economic chaos as soon as early June if Congress doesn't act.The projections, which are roughly in line with those issued last week by Yellen and the Congressional Budget Office, add to the pressure on House Republicans and President Joe Biden, who may have only a few weeks to hammer out their vast differences over addressing the debt ceiling.

The Silicon Valley Bank sign hangs above one of its branches in San Jose, CA, on March 13, 2023.Benjamin Fanjoy, AP Asian markets sank Tuesday, with banks bearing the brunt of the selling on fears of contagion in the sector after the collapse of two regional US lenders.The swift closure of Silicon Valley Bank on Friday, followed by Signature Bank days later, forced US authorities to immediately pledge support for other lenders and depositors.

It is possible, contrary to the predictions of most economists, that the US will get through this disinflationary period and make the proverbial "soft landing."This should prompt a more general reconsideration of macroeconomic forecasts.The lesson is that they have a disturbing tendency to go wrong.

Contractual clauses barring workers from competing with their former employers have existed for centuries, with the first known legal challenge to one going back to 1414 London.The provisions have become increasingly common in the US, with an estimated 20% of workers - roughly 30 million Americans - subject to them today.

House Republicans are locked in a standoff with the Biden administration over a deadline to raise the national debt ceiling or risk fiscal calamity.The Treasury Department has warned that it will need to take "extraordinary measures" starting Thursday to delay an economic catastrophe for a few months now that the federal government has borrowed up to the current $31.4 trillion debt limit.

Venture capitalist and angel investor Balaji Srinivasan says hyperinflation is happening now.Expecting the price of bitcoin to soon hit $1 million, he is making million-dollar bets that it will happen in 90 days.Srinivasan also advised investors to buy bitcoin, which he believes to be a hedge against hyperinflation, monetary debasement, bank freezes, and wealth seizure.

The Silicon Valley Bank UK acquisition will enable HSBC to expand its presence in the tech industry and further develop its fintech capabilities.Following the sudden collapse of the Silicon Valley Bank in the U.S., HSBC Holdings has sealed the purchase of the U.K. arm of SVB for £1 ($1.21 USD).

Comments come after reports the US government threatened to ban the popular app unless its owners, Beijing-based ByteDance Ltd, divested.China has accused the United States of spreading disinformation and suppressing TikTok following reports Washington is calling on its Chinese owners to sell their stakes in the popular video-sharing app.

In today's ExchangeWire news digest: a last minute government deal by the UK government will see HSBC acquire Silicon Valley Bank; Signature Bank becomes the latest crypto-friendly institution to shut down; and Meta is reportedly working on a standalone app to rival Twitter.HSBC to buy SVB for £1 following government deal
The UK government has arranged for Silicon Valley Bank's (SVB) UK operations to be bought out by HSBC.

Like many Americans, the federal government is shelling out a lot more money to cover interest payments on its debt after a series of Federal Reserve rate hikes over the past year.The Treasury Department paid a record $213 billion in interest payments on the national debt in the last quarter of 2022, up $63 billion from the same period a year earlier.

A viral video of Ukrainian President Volodymyr Zelensky takes his remarks out of context to wrongly make it sound like he demanded that Americans send their sons and daughters to fight in the war in Ukraine.The out-of-context 19-second video has been viewed millions of times on Twitter.It features a clip of Zelensky speaking at a news conference last week as an interpreter translates his words into English as follows: The US will have to send their sons and daughters, exactly the same way as we are sending, their sons and daughters to war.

House Oversight Chairman James Comer announced that his panel will hold a hearing next Friday to spotlight the Treasury Department's failure to provide bank activity reports for President Joe Biden's son Hunter, presidential brother James Biden and several Biden family associates and their related companies.

The US and UK governments on Thursday sanctioned six Russians and one Ukrainian for their alleged involvement in an infamous Russia-based cybercrime network that infected millions of computers worldwide, including those in American hospitals.The sanctions target seven alleged core members of a cybercrime gang known as Trickbot, whose eponymous hacking tool has for years stalked US critical infrastructure, the US Treasury Department said in a statement.

EU foreign ministers approved a fourth round of sanctions against Iranian individuals and organizations.Their meeting comes days after EU lawmakers voted to put the Islamic Revolutionary Guard Corps on its terror list.The European Union announced a new round of sanctions against Iran on Monday at a meeting of the bloc's foreign ministers.

Today, Treasury Secretary Janet Yellen said extraordinary measures are being taken to keep the government's bills paid, which explains why tonight Mitch McConnell started an OnlyFans.JIMMY FALLON America is so broke, the government might have to resort to extraordinary measures, like taxing the rich or not going to war all the time.

Internal Revenue Service headquarters in Washington.The Internal Revenue Service reduced its massive backlog of unprocessed tax returns by nearly two-thirds over the past year, an independent watchdog said Wednesday, which could lead to shorter delays for tax refunds.Taxpayers who can avoid filing on paper should still choose electronic filing if they want refunds on time, according to the annual report ofthe IRS's national taxpayer advocate, Erin M. Collins, who described a clogged system that delayed millions of tax refunds for many months.