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September 17, 2013 | By Jim Puzzanghera
WASHINGTON -- As the nation fast approaches its debt limit, Treasury Secretary Jacob J. Lew on Tuesday issued his strongest warning yet to Congress about the economic consequences of waiting until just before the deadline to pass an increase. "Trying to time a debt limit increase to the last minute could be very dangerous," Lew told the Economic Club of Washington. "We cannot afford for Congress to gamble with the full faith and credit of the United States of America. " Republicans are balking at raising the $16.7-trillion debt limit -- which Congress must do by as early as mid-October -- unless the Obama administration agrees to major concessions including deep spending cuts and a delay in implementing the healthcare reform law. QUIZ: Test your knowledge about the debt limit During a meeting last week, House Speaker John Boehner (R-Ohio)
August 27, 2013 | By Jim Puzzanghera
WASHINGTON -- President Obama will not bargain with lawmakers about attaching conditions to an increase in the debt limit, saying Congress has the responsibility to ensure that the nation's bills are paid and the government doesn't default, Treasury Secretary Jacob J. Lew said Tuesday. "The president's been very clear we are not going to be negotiating over the debt limit," Lew told CNBC a day after formally notifying Congress that the federal government would run out of borrowing authority in mid-October.
August 26, 2013 | By Jim Puzzanghera
WASHINGTON -- The U.S. will run out of borrowing authority under the nation's $16.7-trillion debt limit in mid-October, Treasury Secretary Jacob J. Lew formally told Congress on Monday as he implored lawmakers to act soon to avoid a government default. Lew had last updated Congress on the debt limit in May, saying that he expected the Treasury to be able to continue borrowing until at least Labor Day. The new deadline comes as lawmakers prepare to return to Washington next month to battle over government spending.
July 31, 2013 | By Jim Puzzanghera, This post has been corrected, as indicated below.
WASHINGTON -- President Obama on Wednesday nominated Federal Reserve Gov. Sarah Bloom Raskin to be deputy Treasury secretary. If confirmed by the Senate, Raskin would be the first woman to serve in the department's No. 2 position. Her move also would open a second vacancy on the Fed's Board of Governors. Elizabeth Duke said recently she would step down from the seven-member board in August. Raskin would replace Deputy Secretary Neal Wolin, who recently announced he would step down at the end of August after serving since 2009.
July 30, 2013 | By Andrew Tangel and Marc Lifsher
NEW YORK - California electricity customers will share $124 million of a federal settlement with JPMorgan Chase & Co. over allegations it manipulated the state's energy market. JPMorgan, the nation's largest bank, agreed to pay a total of $410 million to settle allegations by the Federal Energy Regulatory Commission. The deal, which was announced Tuesday, also includes $285 million in civil penalties the bank will pay to the U.S. Treasury. Ratepayers in the Midcontinent Independent System Operator will receive $1 million to settle charges JPMorgan also manipulated the power market in the Midwest.
July 10, 2013 | By Jon Healey
Top Senate Democrats tried again Wednesday to push through a bill to extend for one year the just-expired 3.4% interest rate on some federal student loans. And predictably, the bill was blocked by a filibuster, with one Democrat and one Independent joining all 46 Republicans in opposition. The two camps are divided over whether to adopt a stopgap solution or a long-term one that shifts from fixed to adjustable rates. That divide seems too wide to be bridged before low- and moderate-income students start having to take out loans at the new interest rate.
July 9, 2013 | By Marina Villeneuve
WASHINGTON - Antonya Bruno, a senior at Howard University, has used the maximum amount of federal loans over the last three years to help pay her steadily climbing tuition. "It's been very helpful," she said, happy that she has avoided taking out more expensive private loans. Because of a political stalemate, however, Bruno will see the interest rate on her new loans double to 6.8% unless Congress can pass a retroactive fix. It could add $1,000 over the life of her loans, and cost new students four times as much.
June 19, 2013 | By Jim Puzzanghera
WASHINGTON -- Treasury Secretary Jacob J. Lew has improved his penmanship, unveiling a less loopy version of his unusual signature that will be printed on U.S. paper currency. Lew's official signature, which is somewhat more legible than the one he used on memos as director of the Office of Management and Budget, will appear on new 2013 series bills, the Treasury Department said. The signature will appear first on $5 bills to be printed this fall by the Treasury's Bureau of Engraving and Printing.
June 5, 2013 | By Jerry Hirsch
The U.S. Treasury said it plans to sell 30 million additional shares of General Motors Co. stock that it acquired as part of the 2009 bailout of the automaker. The stock will be sold later this month in a public offering in conjunction with GM's inclusion to the S&P 500 index effective as of the close of trading on Thursday. The automaker has been profitable since its bailout and restructuring and earlier this week,Standard & Poor's said it would include GM in its index, which is an important investment tool.
April 10, 2013 | By Nardine Saad
Beyoncé and Jay-Z's anniversary trip to Havana, Cuba, was approved by the U.S. government, Treasury officials have said. The recording artists, Beyoncé Knowles Carter and husband Shawn Carter, headed to the island nation last week for their five-year wedding anniversary, raising official eyebrows as the U.S. has had a half-century-old trade embargo on the communist island that prohibits visits solely for the sake of tourism. Once images of the couple visiting Old Havana surfaced, Sen. Marco Rubio (R-Fla.)
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